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"f20577": {
"value": "1. Nature of operations
\nProsus N.V. (Prosus or the group) is a public company with limited liability
(naamloze vennootschap)
incorporated under Dutch
\nlaw, with its registered head o\ufb03ce located at Symphony O\ufb03ces, Gustav Mahlerplein 5, 1082 MS Amsterdam, the Netherlands
\n(registered in the Dutch commercial register under number 34099856). Prosus is a subsidiary of Naspers Limited (Naspers), a
\ncompany incorporated in South Africa. Prosus is listed on the Euronext Amsterdam Stock Exchange, with a secondary listing on the
\nJSE Limited\u2019s stock exchange and A2X Markets in South Africa.
\nThe Prosus group is a global consumer internet group and one of the largest technology investors in the world. Operating and
\ninvesting globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower
\npeople and enrich communities. The group is focused on building meaningful businesses in the online classi\ufb01eds, payments and
\n\ufb01ntech, food-delivery and education technology sectors in markets that include Europe, India and Brazil. Through its Ventures
\nteam, Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to address big
\nsocietal needs. Every day, millions of people use the products and services of companies that Prosus has invested in, acquired or
\nbuilt. The group operates and partners with a number of leading internet businesses across the Americas, Africa, Central and
\nEastern Europe, and Asia in sectors including online classi\ufb01eds, food delivery, payments and \ufb01ntech, edtech, health, etail and
\nsocial and internet platforms.
\nThe consolidated \ufb01nancial statements for the year ended 31 March 2023 have been authorised for issue by the board of
\ndirectors on 26 June 2023.
\n 2.
Basis of preparation
\nThe consolidated \ufb01nancial statements for the year ended 31 March 2023 have been prepared in accordance with International
\nFinancial Reporting Standards (IFRS) as adopted by the European Union (IFRS-EU), as well as the interpretations (IFRICs) of the
\nIFRS Interpretations Committee (IFRS IC) and the interpretations published by the Standing Interpretations Committee (SIC) as well
\nas the requirements under Dutch law, including Title 9 of Book 2 of the Dutch Civil Code.
\nThe principal accounting policies applied in the preparation of these consolidated and company \ufb01nancial statements have been
\nconsistently applied to all years presented, unless otherwise stated.
\nOperating segments
\nThe group\u2019s operating segments re\ufb02ect the components of the group that are regularly reviewed by the chief operating decision-
\nmaker (CODM) as de\ufb01ned in note 21 \u2018Segment information\u2019. The group proportionately consolidates its share of the results of its
\nassociates and joint ventures in its disclosure of segment results.
\nFrom 1 April 2022, following the operational separation from OLX Group, the CODM reviewed the \ufb01nancial results of Avito
\nseparately from the Classi\ufb01eds Ecommerce segment. The \ufb01nancial results of Avito are presented separately as a discontinued
\noperation in the operating segment information up until the date of disposal as a result of the group\u2019s decision to exit the Russian
\nbusiness.
\nIn March 2023, the group announced its decision to exit the OLX Autos business unit. The exit process is being executed for each
\noperation within the business unit in its local market. The business unit as a whole represents a separate major line of business,
\nboth in terms of the distinct nature of the business and its contribution to the operational performance of the group. As such, the
\noperations that are classi\ufb01ed as held for sale and the operations that are closed down by 31 March 2023 have been presented
\nas discontinued operations and are reviewed separately by the CODM. OLX Autos operations whose exit process has not been
\n\ufb01nalised as at 31 March 2023 are presented as continuing operations. These operations will be classi\ufb01ed as discontinued
\noperations in the \ufb01nancial year that the exit process is completed.
\nThe comparative \ufb01nancial results of Avito and the relevant operations in the OLX Autos business described above, previously
\npresented in the Classi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations to allow the
\ncurrent performance of the business to be compared with prior periods. The change has no impact on the total group revenue,
\nadjusted EBITDA and trading (loss)/pro\ufb01t in prior periods.
\nGoing concern
\nThe consolidated and company \ufb01nancial statements are prepared on the going-concern basis. Based on forecasts and available
\ncash resources, the group and company have adequate resources to continue operations as a going concern for the foreseeable
\nfuture. As at 31 March 2023, the group recorded US$16.2bn in cash, comprising US$9.5bn of cash and cash equivalents net of
\nbank overdrafts and US$6.7bn in short-term cash investments. The group had US$15.9bn of interest-bearing debt (excluding
\ncapitalised lease liabilities) and an undrawn US$2.5bn revolving credit facility. Refer to note 23 \u2018Share capital and premium
\n\u2013 capital management\u2019 for details of how the group manages its capital to safeguard its ability to continue as a going concern.
\nIn assessing going concern, the impact of internal and external economic factors on the group\u2019s operations and liquidity was
\nconsidered in preparing the forecasts and in assessing the group\u2019s actual performance against budget. The board is of the
\nopinion that the group has su\ufb03cient \ufb01nancial \ufb02exibility to continue as a going concern in the year subsequent to the date of these
\nconsolidated and company \ufb01nancial statements.
\n
\n
\n
\n
\n
\n
\n
\nForeign currencies
\nThe consolidated \ufb01nancial statements are presented in US dollar (US$) which is the group\u2019s presentation currency. However, the
\ngroup measures the transactions of its operations using the functional currency determined for that speci\ufb01c operating entity which
\nis the currency of the primary economic environment in which the operation conducts its business.
\nHyperin\ufb02ation
\nIn June 2022, the International Monetary Fund declared Turkey as a hyperin\ufb02ationary economy. Accordingly, the group applied
\nthe hyperin\ufb02ationary accounting requirements of IAS 29
Financial Reporting in Hyperin\ufb02ationary Economies
for the group\u2019s
\nsubsidiaries in Turkey. As the presentation currency of the group is that of a non-hyperin\ufb02ationary economy, comparative amounts
\nare not adjusted for changes in the price level or exchange rates in the current year.
\nOn initial application of hyperin\ufb02ationary accounting, opening equity for the group\u2019s subsidiaries is restated by applying a
\ngeneral price index from the date transactions arose. These restatements are recognised directly in equity. Subsequent to initial
\napplication, all components of equity are restated by applying a general price index from the beginning of the period or the date
\nof contribution, if later. The restatement of opening equity on initial application is not material.
\nThe results, cash \ufb02ows and \ufb01nancial position for the group\u2019s subsidiaries in Turkey are adjusted using a general price index to
\nre\ufb02ect the current purchasing power at the end of the reporting period. The carrying amounts of non-monetary assets and
\nliabilities are adjusted to re\ufb02ect the change in the general price index from the date of acquisition of these subsidiaries to the
\nend of the reporting period. The gain or loss on the net monetary position from translation of the \ufb01nancial information is
\nrecognised in the consolidated income statement, except for goodwill, other intangible assets, and deferred tax liabilities arising
\nat acquisition of these subsidiaries. The impact of the gain on the net monetary position in the consolidated income statement is
\nnot material.
\nGoodwill, other intangible assets and deferred tax liabilities arising at acquisition of these subsidiaries are restated using the
\ngeneral price index at the end of the reporting period. The gain or loss on the net monetary position from the adjustment to these
\nassets and liabilities is recognised in other comprehensive income and accumulated in the foreign currency translation reserve in
\nequity.
\nThe general price index as published by the Turkish Statistical Institute was used in adjusting the results, cash \ufb02ows and \ufb01nancial
\nposition for the group\u2019s subsidiaries in Turkey up to 31 March 2023. The general price in\ufb02ation factor up to 31 March 2023 was
\n275.99%.
\nAccounting policy
\nForeign currency transactions
\nForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
\nof the transactions or the dates of the valuations where items are remeasured. Foreign exchange gains and losses
\nresulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary
\nassets and liabilities denominated in foreign currencies are recognised in the consolidated income statement, except
\nwhen deferred in the consolidated statement of other comprehensive income as part of qualifying cash \ufb02ow hedges.
\nTranslation di\ufb00erences on non-monetary \ufb01nancial assets and liabilities are reported as part of the fair value gain or loss
\nrecognised in \u2018Other \ufb01nance income \u2013 net\u2019 in the income statement. Translation di\ufb00erences on non-monetary equity
\ninvestments classi\ufb01ed at fair value through other comprehensive income are recognised in the consolidated statement of
\nother comprehensive income and accumulated in the valuation reserve as part of the fair value remeasurement of
\nsuch\u00a0items.
\nThe results and \ufb01nancial position of all foreign operations (except for those which operate in a hyperin\ufb02ationary
\neconomy) that have a functional currency that is di\ufb00erent from the group\u2019s presentation currency are translated into the
\npresentation currency as follows:
\n\u00bb
Assets and liabilities are translated at the closing rate at the reporting date.
\n\u00bb
Income and expenses are translated at average exchange rates (unless this average is not a reasonable
\napproximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and
\nexpenses are translated at the spot rate on the dates of the transactions).
\n\u00bb
The nominal amount of share capital is translated at the closing rate in terms of Dutch law. Exchange di\ufb00erences on
\ntranslation are recognised directly in retained earnings.
\n\u00bb
All other resulting exchange di\ufb00erences except equity are recognised in the consolidated statement of other
\ncomprehensive income and accumulated in the \u2018Foreign currency translation reserve\u2019 in the consolidated statement of
\nchanges in equity.
\nForeign operations
\nThe group recognises foreign exchange di\ufb00erences relating to monetary items that form part of its net investment in its
\nforeign operations in the consolidated statement of other comprehensive income where settlement of the item is neither
\nplanned nor likely to take place in the foreseeable future. When a foreign operation is disposed of, the accumulated
\nforeign exchange di\ufb00erences are reclassi\ufb01ed to the consolidated income statement, as part of the gain or loss on sale.
\n
\n
\n
\n
3.
Accounting judgements and sources of estimation uncertainty
\nThe preparation of the \ufb01nancial statements necessitates the use of estimates, assumptions and judgements by management.
\nThese estimates and assumptions a\ufb00ect the reported amounts of assets, liabilities and contingent assets and liabilities at the
\nstatement of \ufb01nancial position date as well as the reported income and expenses for the year. Although estimates are based on
\nmanagement\u2019s best knowledge and judgement of current facts as at the statement of \ufb01nancial position date, the actual outcome
\nmay di\ufb00er from these estimates.
\nEstimates are made regarding the fair value of intangible assets recognised in business combinations (refer to note 6); goodwill
\nimpairment (refer to note 7); impairment of equity-accounted investments (refer to note 9 and note 10), the valuation of
\ninvestments measured at fair value through other comprehensive income (refer to note 41.); impairment of \ufb01nancial assets carried
\nat amortised cost and other assets (refer to note 29); the valuation and remeasurement of written put option liabilities (refer to
\nnote 31); impairment of property, plant and equipment (refer to note 32); recognition and impairment of other intangible assets
\n(refer to note 33); the fair value of the disposal group (refer to note 36), allocation of goodwill to the disposal group (refer to note
\n36), equity-compensation bene\ufb01ts (refer to note 37) and the fair value of the residual interest in the Naspers group (refer to note
\n5). Where relevant, the group has provided sensitivity analyses demonstrating the impact of changes in key estimates and
\nassumptions on reported results.
\nThe following accounting judgements had the most signi\ufb01cant impact on the consolidated \ufb01nancial statements:
\nLag periods applied when reporting results of equity-accounted investments
\nWhere the reporting periods of associates and joint ventures (equity-accounted investments) are not coterminous with that of the
\ngroup and/or it is impracticable for the relevant equity-accounted investee to prepare \ufb01nancial statements as of 31 March (for
\ninstance due to the availability of the results of the equity-accounted investee relative to the group\u2019s reporting period), the group
\napplies an appropriate lag period of not more than three months in reporting the results of the equity-accounted investees.
\nSigni\ufb01cant transactions and events that occur between the non-coterminous reporting periods are adjusted for. The group
\nexercises signi\ufb01cant judgement when determining the transactions and events for which adjustments are made.
\nAccounting for equity-accounted investments share of other comprehensive income and changes in net
\nasset\u00a0value
\nThe group recognises its share of other comprehensive income and other changes in net assets of associates and joint ventures
\nin the statement of comprehensive income. Other changes in net assets of the associate and joint ventures include changes in
\ntheir share-based compensation reserve, transactions with non-controlling shareholders and other direct equity movements.
\nEquity-accounted investments\u2019 share of other comprehensive income and changes in net asset value are accumulated in the
\nvaluation reserve.
\nAccounting for written put option liabilities
\nThe group accounts for all written put options as liabilities equal to the present value of the expected redemption amount
\npayable in the statement of \ufb01nancial position. The present value is based on a discounted cash \ufb02ow model, market multiples or a
\nrecent transaction during the current year in which the equity value was determined. This applies regardless of whether the group
\nhas the discretion to settle in its own equity instruments or cash. Written put option liabilities that are linked to a committed
\nemployment period are accounted for as cash-settled share-based compensation bene\ufb01ts. The expected redemption amounts
\npayable for these written put options are dependent on the completion of an employment service period. Management\u2019s
\njudgements and estimates relate to the inputs used in determining the present value of the expected redemption amount
\npayable.
\nAccounting for share-based payment transactions
\nThe group recognises cash and equity-settled share-based payment expenses arising from its various share incentive schemes
\nand exercises signi\ufb01cant judgement when calculating these expenses. Where the group has a choice of settlement, it classi\ufb01es
\nthe share-based payment transaction as cash-settled based on management\u2019s estimate of the most likely outcome, its settlement
\npolicy and whether it has a present obligation to settle in cash; otherwise, it accounts for the transaction as equity-settled.
\nExpenses are generally based on the fair values of awards granted to employees.
\nFair value is measured using appropriate valuation and option pricing models, where applicable. The values assigned to the key
\nassumptions used in the valuation models for the group\u2019s most signi\ufb01cant share incentive schemes are disclosed in note 37.
\nThe group provides funding via loan account or provides equity contributions to Naspers group share trusts to acquire Naspers or
\nProsus shares on the market for settlement of Naspers group\u2019s equity-compensation bene\ufb01ts. The trust provided with funding and
\nthe trusts that receive equity contributions from the group are controlled structured entities of the Naspers group as they
\nadminister Naspers group share schemes for all employees and are approved by the Naspers board. The group cannot make
\ndecisions over the Naspers group share trusts unilaterally even in the event that loan funding is provided.
\n\n
\n
\n
\n
\nAccounting judgements related to the cash \ufb02ow classi\ufb01cation for the contribution to Naspers group
\nequity-compensation plans
\nThe Naspers group has restricted stock units (RSUs) and performance share units (PSUs) which are accounted for as equity-settled
\ncompensation plans. These equity-compensation bene\ufb01ts are provided to employees of the Prosus group. Contributions made by
\nthe group to fund the purchase of the shares on the market by the Naspers group share trusts have been classi\ufb01ed as \ufb01nancing
\nactivities on the consolidated statement of cash \ufb02ows. This is because the Prosus group has no economic interest in the shares
\nacquired and does not control the share trusts. The contributions are in substance a distribution to the Naspers group.
\nProsus share exchange with Naspers shareholders
\nProsus o\ufb00ered Naspers shareholders Prosus ordinary shares N in exchange for Naspers N ordinary shares. The transaction
\nresulted in Prosus acquiring Naspers shares. Simultaneously with this transaction, a distribution agreement (hereafter referred to
\nas the cross-holding agreement) was entered into between Naspers and Prosus. The cross-holding agreement takes into account
\nProsus\u2019 indirect interest in itself from holding Naspers shares. It mandates that Prosus waives all rights to all distributions (including
\ndividend \ufb02ows) from its Naspers shares held, other than the portion attributable to the residual interest in the Naspers group
\n(primarily Takealot, Media24 and corporate entities). Prosus is also restricted from disposing all or any portion of its Naspers
\nshares held without the consent of Naspers. In addition, Naspers is obligated to pass on any distributions (including dividends) it
\nreceives from Prosus to its free-\ufb02oat shareholders.
\nMajority of the value of the Naspers shares is derived from the investments in the Prosus group. Based on the substance of the
\ntransaction the portion of Prosus\u2019 e\ufb00ective interest in Naspers that relates to Prosus\u2019 underlying investments is accounted for as a
\nshareholder distribution. This is recognised in equity in the \u2019Existing control business combination reserve\u2019. This portion of the
\ntransaction is therefore treated as a transaction with shareholders in contemplation of a capital restructure. Only Prosus\u2019 residual
\ninterest in the Naspers group is recognised as a FVOCI investment on the consolidated statement of \ufb01nancial position.
\nIn addition, as a result of the cross-holding agreement, Naspers shares acquired by Prosus in the share repurchase programme
\nare accounted for in the same manner as discussed above.
\n4.
Accounting developments
\nThe group has adopted all new and amended accounting pronouncements that are relevant to its operations and that are
\ne\ufb00ective for \ufb01nancial years commencing 1 April 2022 but these did not have a signi\ufb01cant e\ufb00ect on the group\u2019s consolidated
\n\ufb01nancial statements.
\nThe following new standards, interpretations and amendments to existing standards, that are considered relevant to the group,
\nare not yet e\ufb00ective as at 31\u00a0March\u00a02023. The group is currently evaluating the e\ufb00ects of these standards and interpretations,
\nwhich have not been early adopted. The estimated impact is not considered to be material at this stage for the following
\nstandards and interpretations:
\nStandard/Interpretation
Title/Amendment area
E\ufb00ective for year ending
\nIAS 1
Presentation of Financial Statements (current and non-current)
March 2024
\nIFRS 16
Leases on Sale and Leaseback
March 2025
\nIAS 12
Income Taxes (Deferred Tax related to Assets and Liabilities
\narising from a Single Transaction)
\nMarch 2024
\nIAS 1/IAS 8
Presentation of Financial Statements and Changes in Accounting
\nEstimates and Error (accounting policy disclosures and changes
\nin accounting policies or in accounting estimates)
\nMarch 2024
\nIFRS 10/IAS 28
Sale or Contribution of Assets between an Investor and its
\nAssociate or Joint Venture
\nTo be determined by the IASB
\nOther new standards, interpretations and amendments to existing standards not yet e\ufb00ective
\nNone of the other new standards, interpretations and amendments to existing standards that are not yet e\ufb00ective as at 31 March
\n2023 are expected to have a signi\ufb01cant impact on the group.
\n
\n
\n
\n
5.
Signi\ufb01cant changes in \ufb01nancial position and performance during the reporting period
\nShare repurchase programme
\nOn 27 June 2022, the group announced the beginning of an open-ended repurchase programme of Prosus ordinary shares N
\nand Naspers N ordinary shares.
\nThe Prosus repurchase programme of its ordinary shares N is funded by an orderly, on-market sale of Tencent Holdings Limited
\n(Tencent) shares. Until 12 August 2022, Prosus also purchased Naspers N ordinary shares.
\nIn September 2022, Naspers began to dispose of some of the Prosus shares that it holds in order to repurchase Naspers shares
\npursuant of the repurchase programme.
\nThe group has appointed agents of the group to execute the repurchase programme and sale of Tencent shares within
\nparameters set by the group and subject to applicable law and regulation.
\nAs part of the repurchase programme, for the period between 28 June 2022 and 31 March 2023, Prosus purchased 4 152 285
\nNaspers N ordinary shares for a total consideration of US$626m and repurchased 152 797 117 Prosus ordinary shares N for a
\ntotal consideration of US$10.0bn of which US$9.9bn was settled in cash by 31 March 2023. These transactions were mainly
\nfunded by the sale of 267 664 800 Tencent shares yielding proceeds of US$10.7bn. Furthermore, for the year ended
\n31\u00a0March\u00a02023, Naspers through its subsidiary MIH Treasury Services (Pty) Ltd purchased 16 320 371 Naspers N ordinary shares
\non the market for a total consideration of US$2.5bn. This transaction was funded by Naspers\u2019 disposal of 43 356 695 Prosus
\nordinary shares N on the market yielding proceeds of US$2.8bn.
\nSubsequent to the above transactions, Prosus now holds a 52.5%
\n1
\n(2022: 49.5%) fully diluted interest representing a 52.7%
\n2
\n(2022:
\n49.9%) economic interest in Naspers. Prosus\u2019 legal ownership in Naspers remains less than 50% as at 31 March 2023.
\nThe accounting for the share repurchase programme takes into consideration the cross-holding agreement between Prosus and
\nNaspers and is implemented in accordance with the applicable laws and regulations as well as the authority granted by
\nshareholders. The repurchase programme has no impact on the control structure of the group. Prosus\u2019 interest in Naspers does
\nnot represent control or signi\ufb01cant in\ufb02uence. Naspers therefore continues to hold the majority of the shareholder voting rights of
\nProsus.
\nThe cross-holding agreement between Naspers and Prosus became e\ufb00ective at the time of closing of the voluntary share
\nexchange in August 2021. The cross-holding agreement takes into account Prosus\u2019 indirect interest in itself from holding Naspers
\nshares and deals with how distributions between the two groups will be managed. It eliminates the need for \ufb02ows back and forth
\nbetween the two groups as a result of the cross-shareholding, through a waiver by Prosus of its entitlement to distributions on the
\nNaspers shares that it holds, and provides clarity to both Prosus and Naspers\u2019 free-\ufb02oat shareholders of their economic interest in
\ndistributions made by Prosus. The cross-holding agreement relates to Prosus\u2019 fully diluted interest in Naspers and Naspers\u2019 legal
\nownership of Prosus ordinary shares N. At 31 March 2023, subject to this agreement and subsequent to the repurchase
\ntransactions above, Prosus\u2019 free-\ufb02oat shareholders\u2019 economic interest in the Prosus group is 56.5% (2022: 57.7%).
\nRepurchase of Prosus shares
\nThe Prosus ordinary shares N acquired by the group are classi\ufb01ed as treasury shares. These are recognised in \u2018treasury shares\u2019
\non the consolidated statement of \ufb01nancial position. The treasury shares were recognised at a cost of US$10.0bn. The group
\nintends to cancel the Prosus shares repurchased in due course once the relevant approvals have been obtained, so as to reduce
\nits issued share capital.
\nAcquisition of Naspers shares
\nThe Naspers N ordinary shares acquired by the group are subject to the cross-holding agreement. The agreement mandates that
\nProsus waives all rights to all distributions (including dividend \ufb02ows) from its Naspers shares held, other than the portion
\nattributable to the residual interest in the Naspers group (primarily Takealot, Media24 and corporate entities). Based on the
\nsubstance of this cross-holding agreement, the portion of Prosus economic interest in Naspers attributable to the residual interest
\nin the Naspers group is recognised as a \ufb01nancial asset at fair value through other comprehensive income (FVOCI). The remaining
\nportion of the interest in Naspers attributable to Prosus\u2019 underlying investments is accounted for in equity representing a capital
\nrestructure.
\nAccordingly, the consideration paid for Naspers N ordinary shares representing the increase in Prosus residual interest in Naspers
\nwas recognised as a FVOCI investment with the remaining portion representing the value of Prosus\u2019 underlying investments being
\nrecognised in equity. The group recognised US$10m of the consideration as a FVOCI investment and the remaining US$616m in
\nthe \u2018Existing control business combination reserve\u2019 in equity.
\nRepurchase of Naspers shares
\nDuring the current year Naspers repurchased 16 320 371 Naspers N ordinary shares through its subsidiary MIH Treasury Services
\n(Pty) Ltd. The transaction impacted Prosus\u2019 fully diluted and economic interest in Naspers and consequently impacted the value of
\nProsus\u2019 residual interest in the Naspers group. This transaction resulted in an increase in the residual interest in the Naspers group
\nwhich was recognised in other comprehensive income. In addition, at 31 March 2023, the residual interest in the Naspers group
\nwas revalued to US$206m. The group, as a result of this revaluation, recognised a fair value loss of US$179m.
\n1 Interest in Naspers based on the cross-holding agreement formula, which was approved in the shareholder resolution.
\n2 Interest based on distribution rights to each class of shareholders.
\n
\n\n
\n
\n
\n
\n
\nDisposal of shares in Tencent
\nThe group reduced its ownership interest in Tencent from 28.81% to 26.16%, yielding US$10.7bn in proceeds. This is a partial
\ndisposal of an associate that does not result in a loss of signi\ufb01cant in\ufb02uence. The group recognised a gain on partial disposal of
\nUS$7.6bn in the consolidated income statement. The group reclassi\ufb01ed a loss of US$155m from the foreign currency translation
\nreserve to the consolidated income statement related to this partial disposal.
\nTransactions with non-controlling shareholders
\nIn August 2022, the group entered into an agreement through its subsidiary MIH Movile Holdings B.V. (Movile) to acquire the
\nremaining 33.3% stake in iFood Holdings B.V. (iFood) and IF-JE Holdings B.V., from non-controlling shareholder Just Eat Holding
\nLimited (Just Eat) for \u20ac1.5bn in cash, plus a contingent consideration of up to a maximum of \u20ac300m at a future date. The
\ntransaction was approved by Just Eat shareholders in November 2022. This agreement represents a contractual obligation to
\nacquire shares from non-controlling interest. The group recognised US$1.6bn in \u2018Other current liabilities\u2019 at inception of this
\nagreement consisting of the cash and the fair value of the contingent consideration. The liability was raised from the \u2018Existing
\ncontrol business combination reserve\u2019 in equity prior to the transfer of the risks and rewards of ownership of these shares.
\nIn November 2022, the shares were acquired from the non-controlling shareholders for the cash consideration of US$1.5bn
\nresulting in part settlement of the liability raised. At 31 March 2023, the fair value of the contingent consideration to be settled at
\na future date amounted to US$88m. The group derecognised US$68m of non-controlling interest.
\nExit of the OLX Autos business unit
\nIn March 2023, the group announced the decision to exit the OLX Autos business unit. The OLX Autos business unit is a second-
\nhand car sale ecommerce marketplace which operates through a single technological platform located in various regions. The
\ngroup believes that signi\ufb01cant value exists in the business within its various local markets. Based on this and the ongoing exit
\nprocess, options for the business are being considered, resulting in the decision to sell or close down each operation in its local
\nmarket. The business unit as a whole represents a separate major line of business both in terms of the distinct nature of the
\nbusiness and its contribution to the operational performance of the group. The operations of this business classi\ufb01ed as held for
\nsale and those that have been closed down by 31 March 2023 are presented as discontinued operations.
\nThe OLX Autos operations whose exit process has not been \ufb01nalised as at 31 March 2023 are presented as continuing
\noperations given the phased exit process for this business. These operations will be classi\ufb01ed as discontinued operations in the
\n\ufb01nancial year that the exit process is completed.
\nOLX Autos revenue and trading loss for the year were US$1.8bn (2022: US$1.6bn) and US$418m (2022: US$230m) respectively, of
\nwhich US$853m (2022: US$601m) of revenue and US$216m (2022: US$107m) of trading losses are included in continuing
\noperations.
\nThe group recognised total impairment losses of US$164m of which US$19m is included in discontinued operations. The
\nimpairment losses relate to US$116m of goodwill and US$48m of other assets. The other assets impaired are property, plant and
\nequipment, and other intangible assets that will not be recovered through the sale of the business.
\nPro\ufb01t from discontinued operations
\nDiscontinued operations consist of the group\u2019s Russian business and the OLX Autos business unit.
\nIn May 2022, as a result of the continued con\ufb02ict in the region, the group announced its decision to exit its Russian business.
\nAccordingly, Avito was presented as a discontinued operation. The group entered into an agreement to sell its shareholding in
\nAvito to Kismet Capital Group (Kismet) for a total cash consideration of US$2.4bn. Kismet is a private investment group with a
\ntrack record of investing in technology and telecommunications businesses in Russia. The transaction was completed in October
\n2022. The group recognised a gain on disposal of the subsidiary of US$568m, including a reclassi\ufb01cation of the accumulated
\nforeign currency translation gains of US$202m.
\nDiscontinued operations for the OLX Autos business includes the operations classi\ufb01ed as held for sale and the operations closed
\ndown by 31 March 2023. Refer to note 36 for details of this business unit\u2019s disposal group.
\nThe \ufb01nancial information relating to the group\u2019s discontinued operations is set out below.
\n
\n
\n
\n
Income statement information of discontinued operations
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nRevenue
1 626
1 646
\nOnline sale of goods revenue
944
980
\nClassi\ufb01eds listings revenue
601
582
\nAdvertising revenue
50
50
\nOther revenue
31
34
\nExpenses
(1 606)
(1 550)
\nImpairment of goodwill and other assets
\n1
\n(19)
\u2013
\nOther expenses
(1 587)
(1 550)
\nPro\ufb01t before tax
20
96
\nTaxation
(46)
(43)
\n(Loss)/pro\ufb01t for the period
(26)
53
\nGain on disposal of discontinued operation
568
\u2013
\nPro\ufb01t from discontinued operations
542
53
\nPro\ufb01t from discontinued operations attributable to:
\nEquity holders of the group
537
52
\nNon-controlling interest
5
1
\n542
53
\n1 Relates to impairment losses of goodwill and other assets in the OLX Autos business unit.
\nCash \ufb02ow statement information of discontinued operations
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nNet cash generated from operating activities
145
153
\nNet cash generated from/(utilised in) investing activities
\n1
\n1 985
(22)
\nNet cash generated from/(utilised in) \ufb01nancing activities
130
(86)
\nCash generated by discontinued operations
2 260
45
\n1 Includes the net cash in\ufb02ow from the disposal of Avito. Refer to note 6.
\nPer share information from discontinued operations for the period (US cents)
\n1
\n31 March
\n2023
\nUS cents
\n2022
\nUS cents
\nEarnings per ordinary share N
40
3
\nDiluted earnings per ordinary share N
39
3
\nHeadline earnings per ordinary share N
\u2013
4
\nDiluted headline earnings per ordinary share N
\u2013
4
\n1 Refer to note 22 for further details on earnings per share from discontinued operations.
\n\n
\n
\n
\n
\nBasis of consolidation
\nAccounting policy
\nThe \ufb01nancial statements include the results of Prosus and its subsidiaries, associated companies and joint ventures.
\nSubsidiaries
\nSubsidiaries are entities over which the group has control. The existence and e\ufb00ect of potential voting rights are
\nconsidered when assessing whether the group controls another entity to the extent that those rights are substantive.
\nSubsidiaries are consolidated from the date on which control is obtained (acquisition date) up to the date control
\nceases. For certain entities, the group has entered into contractual arrangements that allow the group to control such
\nentities. Because the group controls such entities, they are consolidated in the \ufb01nancial statements.
\nIntergroup transactions, balances and unrealised gains and losses are eliminated on consolidation.
\nBusiness combinations
\nBusiness combinations are accounted for using the acquisition method. The consideration transferred in an acquisition of
\na business (acquiree) comprises the fair values of the assets transferred, the liabilities assumed, the equity interests
\nissued by the group and the fair value of any contingent consideration arrangements where applicable. If the contingent
\nconsideration is classi\ufb01ed as equity, it is not subsequently remeasured and settlement is accounted for within equity.
\nOtherwise, subsequent changes to the fair value of the contingent consideration are recognised in the consolidated
\nincome statement.
\nFor each business combination, the group measures the non-controlling interest in the acquiree at the non-controlling
\ninterest\u2019s proportionate share of the acquiree\u2019s identi\ufb01able net assets. Costs related to the acquisition, other than those
\nassociated with the issue of debt or equity securities, are expensed as incurred.
\nWhere a business combination is achieved in stages, the group\u2019s previously held equity interest in the acquiree is
\nremeasured to fair value as at the acquisition date through the consolidated income statement. The fair value of the
\ngroup\u2019s previously held equity interest forms part of the consideration transferred in the business combination at the
\nacquisition date.
\nWhen a selling shareholder is required to remain in the group\u2019s employment subsequent to a business combination,
\nretention agreements are recognised as employee bene\ufb01t arrangements where applicable and dealt with in terms of
\nthe accounting policy for employee or equity-compensation bene\ufb01ts.
\nGoodwill
\nGoodwill in a business combination is recognised at the acquisition date when the consideration transferred and the
\nrecognised amount of non-controlling interests exceed the fair value of the net identi\ufb01able assets of the entity acquired.
\nIf the consideration transferred is lower than the fair value of the identi\ufb01able net assets of the acquiree (a bargain
\npurchase), the di\ufb00erence is recognised in the consolidated income statement. The gain or loss arising on the disposal of
\nan entity is calculated after consideration of attributable goodwill.
\nTransactions with non-controlling shareholders
\nNon-controlling shareholders are equity participants of the group and transactions with non-controlling shareholders are
\ntherefore accounted for in equity and included in the consolidated statement of changes in equity, where the transaction
\ndoes not result in the loss of control of a subsidiary. In transactions with non-controlling shareholders, the excess of the
\ncost/proceeds of the transaction over the group\u2019s proportionate share of the net asset value acquired/disposed is
\nallocated to the Existing control business combination reserve in equity. Refer to \ufb01nancial assets and liabilities for the
\ngroup\u2019s accounting policy regarding written put options over non-controlling interests.
\nCommon control transactions
\nBusiness combinations in which all of the combining entities or businesses are ultimately controlled by the same party or
\nparties both before and after the business combination (and where that control is not transitory) are referred to as
\ncommon control transactions. The accounting policy for the acquiring entity would be to account for the transaction at
\nbook value in its consolidated \ufb01nancial statements. The book value of the acquired entity is the consolidated book value
\nas re\ufb02ected in the consolidated \ufb01nancial statements of Naspers. The excess of the cost of the transaction over the
\nacquirer\u2019s proportionate share of the net asset value acquired in common control transactions, will be allocated to the
\nexisting control business combination reserve in the consolidated statement of changes in equity.
\nThe group applies the above common control accounting policy to distributions of non-cash assets that are ultimately
\ncontrolled by the same party or parties both before and after the distribution.
\nAssociates and joint ventures
\nInvestments in associated companies (associates) and joint ventures are accounted for in terms of the equity method.
\nAssociates are entities over which the group exercises signi\ufb01cant in\ufb02uence, but which it does not control or jointly control.
\nJoint ventures are arrangements in which the group contractually shares control over an activity with others and in which
\nthe parties have rights to the net assets of the arrangement.
\n\n
\n\n
\n
\n
\nMost major foreign associates and joint ventures do not have year-ends that are coterminous with that of the group, and
\nthe group\u2019s accounting policy is to account for an appropriate lag period in reporting their results where it is impractical
\nfor the associates and joint ventures to provide relevant information in time. Signi\ufb01cant transactions and events occurring
\nbetween the investees\u2019 and the group\u2019s March year-end are taken into account.
\nUnrealised gains or losses on transactions between the group and its associates and joint ventures are eliminated to the
\nextent of the group\u2019s interest in the relevant associate or joint venture, except where the loss is indicative of impairment
\nof assets transferred.
\nThe group\u2019s share of other comprehensive income and other changes in net assets of associates and joint ventures is
\nrecognised in the consolidated statement of comprehensive income.
\nFor acquisitions of associates and joint ventures achieved in stages, the group measures the cost of its investment as the
\nsum of the consideration paid for each purchase plus a share of the investee\u2019s pro\ufb01ts and other equity movements.
\nOther comprehensive income recognised in prior periods accumulated in the valuation reserve in relation to the
\npreviously held stake in investee is realised and transferred to retained earnings. Acquisition-related costs form part of
\nthe investment in the associate or joint venture.
\nWhen the group increases its shareholding in an associate or joint venture and continues to exercise signi\ufb01cant in\ufb02uence
\nor to exert joint control over the investee, the cost of the additional investment is added to the carrying value of the
\ninvestee. The acquired share in the investee\u2019s identi\ufb01able net assets, as well as goodwill arising, is calculated using fair
\nvalue information at the date of acquiring the additional interest. Goodwill is included in the carrying value of the
\ninvestment in the associate or joint venture.
\nPartial disposals of associates and joint ventures that do not result in a loss of signi\ufb01cant in\ufb02uence or joint control are
\naccounted for as dilutions. Dilution gains and losses are recognised in the consolidated income statement. The group\u2019s
\nproportionate share of gains or losses previously recognised in the consolidated statement of other comprehensive
\nincome by associates and joint ventures is reclassi\ufb01ed to the consolidated income statement when a dilution occurs if
\nthe gains or losses are required to be reclassi\ufb01ed to the consolidated income statement in terms of the applicable
\naccounting standard.
\nWhen the group increases its shareholding in an associate as a result of a share repurchase programme by the
\nassociate, the increase in the ownership interest impacts the components within the carrying amount of the investment.
\nA\u00a0share repurchase programme by the associate decreases the net asset value of the associate. The excess of the
\ngroup\u2019s share of the decrease in net asset value of the associate over the increase in its share of net assets of the
\nassociate (as a result of the increased shareholding) is recognised as notional goodwill within the carrying value of the
\ninvestment.
\nWhere an associate or joint venture holds equity in the group, the carrying amount of the investment in the associate
\nor\u00a0joint venture is adjusted by an amount representing the group\u2019s indirect holding in its own equity because of the
\ncrossholding. The amount of the group\u2019s share of the associate\u2019s or joint venture\u2019s results is determined after eliminating,
\nfrom the associate\u2019s or joint venture\u2019s results, any income or dividends received by the associate or joint venture from
\nthe\u00a0group.
\nEach associate and joint venture is assessed for impairment indicators at each reporting date as a single asset.
\nImpairment indicators considered will include poor performance of the associate and joint venture on a consistent basis
\nand/or other signi\ufb01cant changes to the business that may indicate that the equity-accounted investment is impaired.
\nIf there is an indicator that it is impaired, the carrying value of the group\u2019s investment in the associate or joint venture is
\nadjusted to its recoverable amount determined as the higher of its fair value less costs of disposal and its value in use.
\nThe resulting impairment loss is included in \u2018Impairment of equity-accounted investments\u2019 in the consolidated income
\nstatement.
\nWhere the group contributes a non-monetary asset (including a business) to an investee in exchange for an interest in
\nthat investee that is equity accounted, the gain or loss arising on the remeasurement of the contributed non-monetary
\nasset to fair value is recognised in the consolidated income statement only to the extent of other parties\u2019 interests in the
\ninvestee. The gain or loss is eliminated against the carrying value of the investment in the associate or joint venture to
\nthe extent of the group\u2019s interest.
\nDisposals
\nWhen the group ceases to have control (subsidiaries), exercise signi\ufb01cant in\ufb02uence (associates) or exert joint control
\n(joint ventures), the retained interest is remeasured to its fair value, with the change in the carrying value recognised in
\nthe consolidated income statement. This fair value is the initial carrying amount for the purposes of subsequent
\naccounting for the retained interest. In addition, the amounts previously recognised in other comprehensive income in
\nrespect of the entity disposed are accounted for as if the group had directly disposed of the related assets or liabilities.
\nThis may mean that amounts previously recognised in other comprehensive income are reclassi\ufb01ed to the consolidated
\nincome statement.
\n\n
\n
\n
\n
\nImpairment of goodwill
\nGoodwill is tested annually for impairment or more frequently if change in circumstance indicates that it may be
\nimpaired. Goodwill is carried at cost less accumulated impairment losses.
\nGoodwill is allocated to cash-generating units for purposes of impairment testing. An impairment test is performed by
\ndetermining the recoverable amount of the cash-generating unit to which the goodwill relates. The recoverable amount
\nof a cash-generating unit or individual asset is the higher of its value in use and its fair value less costs of disposal.
\nWhere the recoverable amount is less than the carrying amount, an impairment loss is recognised in Other (losses)/
\ngains \u2013 net in the consolidated income statement. Impairment losses recognised on goodwill are not reversed in
\nsubsequent periods.
\n
\n
\n
\n
6.
Business combinations, other acquisitions and disposals
\nThe following relates to the group\u2019s signi\ufb01cant transactions related to business combinations and other investments for the year
\nended 31 March 2023:
\nAmount invested US$\u2019m
\nCompany
Classi\ufb01cation
\nNet
\ncash
\npaid/
\n(received)
\nNon-cash
\nconsi-
\nderation
\nCash in
\nentity
\nacquired/
\n(disposed)
\nTotal
\nconsi-
\nderation
\nAcquisition of subsidiaries
\nOther
\n1
\nSubsidiary
18
\u2013
1
19
\n18
\u2013
1
19
\nAcquisition of equity-accounted investments
\nOther
\n1
\nAssociate
12
\u2013
\u2013
12
\n12
\u2013
\u2013
12
\nAdditional investment in existing equity-
\naccounted investments
\na
Delivery Hero SE (Delivery Hero)
Associate
194
288
\u2013
482
\nOther
\n1
\nAssociate
98
\u2013
\u2013
98
\n292
288
\u2013
580
\nOther investments
\nb
DoorDash Inc. (DoorDash)
FVOCI
\u2013
58
\u2013
58
\ne
Think & Learn Private Limited (BYJU\u2019S)
FVOCI
\u2013
578
\u2013
578
\nf
Udemy Inc. (Udemy)
FVOCI
\u2013
207
\u2013
207
\nh
Oda Norway AS (Oda)
FVOCI
\u2013
45
\u2013
45
\ng
Meituan
FVOCI
\u2013
4 523
\u2013
4 523
\nOther
\n1, 2
\nFVOCI/FVPL
559
\u2013
\u2013
559
\n559
5 411
\u2013
5 970
\nDisposal/Partial disposal of investments
\nb
Wolt Enterprises OY (Wolt)
FVOCI
\u2013
(58)
\u2013
(58)
\nc
JD.com
FVOCI
(3 666)
\u2013
\u2013
(3 666)
\nd
Tencent Holdings Limited (Tencent)
Associate
(10 613)
(103)
\u2013
(10 716)
\ne
Think & Learn Private Limited (BYJU\u2019S)
Associate
\u2013
(578)
\u2013
(578)
\nf
Udemy Inc. (Udemy)
Associate
\u2013
(207)
\u2013
(207)
\nh
Oda Norway AS (Oda)
Associate
\u2013
(45)
\u2013
(45)
\nOther
\n1
\n(44)
\u2013
\u2013
(44)
\n(14 323)
(991)
\u2013
(15 314)
\nDisposal of subsidiaries
\ni
Avito
Subsidiary
(2 039)
\u2013
(326)
(2 365)
\nOther
\n1
\nSubsidiary
(14)
(21)
(14)
(49)
\n(2 053)
(21)
(340)
(2 414)
\n1 \u2018Other\u2019 includes various acquisitions and disposals of subsidiaries, associates, joint ventures and other investments that are not individually material.
\n2 Includes the call options acquired for Delivery Hero shares prior to them being exercised.
\nAdditional investment in existing equity-accounted investments
\na.
During the current year the group acquired an additional investment in Delivery Hero between December 2022 and
\nMarch\u00a02023, which increased its shareholding by approximately 4% to 29.95%. The additional interest was acquired
\nby\u00a0the\u00a0purchase of shares on the market for US$194m and the purchase of a call option to acquire additional shares which
\nwas exercised in March 2023.
\n
\n
\n
\n
\n
\n
\nOther investments
\nb.
In June 2022, in exchange for the group\u2019s entire interest in Wolt (a food and grocery-delivery marketplace), the group received
\nshares in DoorDash to the value of US$58m. DoorDash is a predominantly US-focused, food, grocery, and retail delivery
\nmarketplace, listed on the NYSE. The investment is not held for trading, therefore the group accounts for this as an investment
\nat fair value through other comprehensive income.
\nDisposal/Partial disposal of investments
\nc.
In March 2022, the group received a special interim dividend from Tencent in the form of a distribution in specie of
\n131 873 028 JD.com shares. The group completed the sale of the 131 873 028 JD.com shares in June 2022, for total proceeds
\nof US$3.67bn. Accumulated fair value losses related to these shares of US$189m were reclassi\ufb01ed from the valuation reserve
\nto retained earnings within equity as a result of this disposal.
\nd.
From June 2022 to the end of March 2023, the group sold approximately 3% of Tencent\u2019s issued share capital. The group
\nreduced its stake in Tencent from 29% to 26%, for total proceeds of US$10.7bn of which US$103m was receivable at 31 March
\n2023. The group recognised a gain on partial disposal of US$7.6bn including a reclassi\ufb01cation of accumulated foreign
\ncurrency translation losses of US$155m. Proceeds from this disposal are used to fund the group\u2019s share repurchase
\nprogramme.
\ne.
In September 2022, the group lost signi\ufb01cant in\ufb02uence in BYJU\u2019S as it no longer exerts signi\ufb01cant in\ufb02uence over the \ufb01nancial
\nand operating policies of the entity. The group recognised a gain on loss of signi\ufb01cant in\ufb02uence of the associate of US$22m,
\nincluding a reclassi\ufb01cation of the accumulated foreign currency translation losses of US$55m. The group accounted for its
\n9.60% e\ufb00ective interest in BYJU\u2019S at fair value through other comprehensive income. The fair value of BYJU\u2019S investment
\nsubsequent to the loss of signi\ufb01cant in\ufb02uence is US$578m.
\nf.
In September 2022, the group lost its board representation in Udemy. The group recognised a gain on loss of signi\ufb01cant
\nin\ufb02uence of the associate of US$77m. The group accounts for its 11.78% e\ufb00ective interest in Udemy at fair value through other
\ncomprehensive income. The fair value of the Udemy investment subsequent to the loss of signi\ufb01cant in\ufb02uence is US$207m.
\ng.
In November 2022, Tencent declared a special interim dividend in the form of a distribution in specie of 958 121 562 class B
\nordinary shares of Meituan to its shareholders on the basis of one (1) class B ordinary share of Meituan for every 10 shares
\nheld. As a result of this distribution the group obtained a 4% e\ufb00ective interest (257 460 450 class B ordinary shares) in
\nMeituan. Meituan is a Chinese shopping platform for locally found consumer products and retail services including
\nentertainment, dining, delivery, travel and other services. The investment is not held for trading; however, the group expects to
\nsell the shares in due course. The group accounts for this as an investment at fair value through other comprehensive income.
\nThe group recognised a dividend receivable up until the distribution date of 24 March 2023. The dividend in specie
\ndistribution of the investment in Meituan has reduced the investment in Tencent by US$4.5bn, representing the fair value of the
\ninvestment on the distribution date.
\nh.
In December 2022, the group lost its signi\ufb01cant in\ufb02uence in Oda due to the loss of its board representation. The group
\nrecognised a loss of US$68m on loss of signi\ufb01cant in\ufb02uence of the associate, including a reclassi\ufb01cation of the accumulated
\nforeign currency translation losses of US$14m. The group accounts for its 12.87% e\ufb00ective interest in Oda at fair value through
\nother comprehensive income. The fair value of the Oda investment subsequent to the loss of signi\ufb01cant in\ufb02uence is US$45m.
\nDisposal of subsidiaries
\ni.
In October 2022, the group entered into an agreement to sell its shareholding in Avito to Kismet Capital Group (Kismet) for a
\ntotal cash consideration of US$2.4bn. Kismet is a private investment group with a track record of investing in technology and
\ntelecommunications businesses in Russia. The group recognised a gain on disposal of the subsidiary of US$568m, including a
\nreclassi\ufb01cation of the accumulated foreign currency translation gain of US$202m.
\n
\n
\n
\nThe following sets out the group\u2019s signi\ufb01cant transactions related to business combinations and equity-accounted investments for
\nthe year ended 31 March 2022:
\nAmount invested US$\u2019m
\nCompany
Classi\ufb01cation
\nNet
\ncash
\npaid/
\n(received)
\nNon-cash
\nconsi-
\nderation
\nCash in
\nentity
\nacquired
\nTotal
\nconsi-
\nderation
\nAcquisition of subsidiaries
\na.
Good Bidco B.V. (GoodHabitz)
Subsidiary
252
\u2013
6
258
\nb.
Stack Over\ufb02ow
Subsidiary
1 644
\u2013
98
1 742
\n1 896
\u2013
104
2 000
\nAcquisition of equity-accounted investments
\nc.
Oda
Associate
116
\u2013
\u2013
116
\nd.
API Holdings Private Limited (PharmEasy)
Associate
220
\u2013
\u2013
220
\ne.
Skillsoft Corp.
Associate
500
38
\u2013
538
\nf.
Flink SE (Flink)
Associate
84
\u2013
\u2013
84
\nOther
\n1
\nAssociate
441
\u2013
\u2013
441
\n1 361
38
\u2013
1 399
\nAdditional investment in existing equity-
\naccounted investments
\ng.
Bundl Technologies Private Limited (Swiggy)
Associate
299
\u2013
\u2013
299
\nh.
NTex Transportation Services Private
\nLimited (ElasticRun)
Associate
90
\u2013
\u2013
90
\ni.
Think & Learn Private Limited (BYJU\u2019S)
Associate
153
\u2013
\u2013
153
\nj.
Delivery Hero SE (Delivery Hero)
Associate
298
1 242
\u2013
1 540
\nk.
Eruditus Learning Solutions Limited (Eruditus)
Associate
127
\u2013
\u2013
127
\nl.
Meesho Inc. (Meesho)
Associate
134
\u2013
\u2013
134
\nOther
\n1
\nAssociate/
\nJoint Venture
222
\u2013
\u2013
222
\n1 323
1 242
\u2013
2 565
\nOther investments
\nm.
UrbanClap Technologies India Private Limited
\n(Urban Company)
FVOCI
84
\u2013
\u2013
84
\nj.
Delivery Hero
\n2
\nFVPL
936
\u2013
\u2013
936
\nn.
JD.com
FVOCI
\u2013
3 855
\u2013
3 855
\no.
GoStudent
FVOCI
226
\u2013
\u2013
226
\nOther
\n1
\n231
\u2013
\u2013
231
\n1 477
3 855
\u2013
5 332
\nPartial disposal of equity-accounted
\ninvestments
\np.
Tencent Holdings Limited (Tencent)
Associate
(14 609)
\u2013
\u2013
(14 609)
\n(14 609)
\u2013
\u2013
(14 609)
\n1 \u2018Other\u2019 includes various acquisitions of subsidiaries, associates and other investments that are not individually material.
\n2 Relates to the Delivery Hero shares bought in August 2021 and September 2021 before Competition Commission approval was obtained. Subsequent to the
\napproval this amount was capitalised to the carrying value of the investment in associate.
\n
\n
\n
\n
\n
\n
\n Financial year ended 31 March 2022
\nAcquisition of subsidiaries
\na.
In June 2021, the group acquired a 62% e\ufb00ective interest (61% fully diluted) for US$258m in GoodHabitz. GoodHabitz provides
\neducational information online, o\ufb00ering commercial, management, and technical training services in the Netherlands. The
\ngroup accounted for this investment as a subsidiary.
\nThe group has a put option arrangement with the non-controlling interest exercisable at speci\ufb01ed future dates. The settlement
\nof the put option arrangement is in cash or shares at the group\u2019s discretion. At acquisition, the group recognised a put option
\nliability amounting to US$144m representing the expected redemption amount payable to non-controlling shareholders upon
\nsettlement of their ownership interest in the entity, included in the \u2019Other non-current liabilities\u2019 line on the statement of
\n\ufb01nancial position.
\nIn addition, the group has a call option arrangement with the non-controlling shareholder that is linked to employment. It is
\nexercisable at speci\ufb01ed future dates upon termination of employment of the non-controlling shareholder due to speci\ufb01ed
\ncircumstances. The group has the right to settle this call option in cash at the fair value of shareholders\u2019 interest. The non-
\ncontrolling shareholder currently has all the economic bene\ufb01ts associated with ownership of the shares. As a result, the
\ngroup\u2019s obligation to settle this interest is included in the put option liability mentioned above.
\nThe main intangible assets recognised in the business combination were customer relationships, trademarks and technology.
\nThe main factor contributing to the goodwill recognised in the acquisition is GoodHabitz\u2019s market presence, product
\ndevelopment capabilities and engineering capabilities.
\nb.
In August 2021, the group acquired a 100% e\ufb00ective and dilutive interest for US$1.7bn in Stack Over\ufb02ow. Stack Over\ufb02ow is a
\nleading knowledge-sharing platform for the global community of developers and technologists. The group accounted for this
\ninvestment as a subsidiary.
\nThe main intangible assets recognised in the business combination were trade names, technology and customer relationships.
\nThe main factor contributing to the goodwill recognised in the acquisition is Stack Over\ufb02ow\u2019s market presence and
\nengineering capabilities to develop future customers.
\nThe purchase price allocations for the above two acquisitions, in the Edtech segment, were not yet \ufb01nalised as at
\n30\u00a0September 2021, therefore preliminary \ufb01gures were disclosed in the condensed consolidated interim \ufb01nancial statements.
\nThe changes between the \ufb01nal and preliminary fair values were not material. The table below summarises the \ufb01nal fair
\nvalues of each major class of identi\ufb01able assets and liabilities recognised for the above two acquisitions on the acquisition
\ndate.
\nSince the acquisition dates of the above business combinations, revenue of US$83m and net losses of US$102m have been
\nincluded in the group\u2019s income statement. The impact on revenue and net losses from the above transactions, had the
\nacquisitions taken place on 1 April 2021, were US$115m and US$108m respectively.
\nAcquisition date fair values of each major class of identi\ufb01able assets and liabilities recognised
\nGoodHabitz
\nJune 2021
\nUS$\u2019m
\nStack
\nOver\ufb02ow
\nAugust 2021
\nUS$\u2019m
\nTotal consideration
258
1 742
\n25
283
\nIntangible assets
62
247
\nProperty, plant and equipment
1
2
\nCash and deposits
6
98
\nOther receivables
8
36
\nOther liabilities
(22)
(35)
\nDeferred tax liabilities
(14)
(65)
\nNon-controlling interest
\n1
\n(16)
\u2013
\nGoodwill
233
1 459
\n1 Non-controlling interest is measured at its proportionate share of the identi\ufb01able net assets of GoodHabitz at the acquisition date.
\n
\n
\n
\n
Acquisition of equity-accounted investments
\nc.
In April 2021, the group acquired a 13% e\ufb00ective (12% fully diluted) interest for US$116m in Oda, Norway\u2019s largest online
\ngrocery business. The group accounted for this investment as an equity-accounted associate on account of its signi\ufb01cant
\nin\ufb02uence on the board of directors.
\nd.
In May 2021, the group acquired a 16% e\ufb00ective interest (15% fully diluted) for US$191m in PharmEasy. PharmEasy owns
\nIndia\u2019s largest integrated digital healthcare platforms. The group accounted for this investment as an equity-accounted
\nassociate on account of its signi\ufb01cant in\ufb02uence on the board of directors.
\nSubsequent to this initial investment the group made an additional investment amounting to US$29m. As we did not
\nparticipate equally in the funding round our e\ufb00ective interest is 14% (12% fully diluted) in PharmEasy. The group continues to
\naccount for its interest in PharmEasy as an investment in an associate on account of its signi\ufb01cant in\ufb02uence on the board of
\ndirectors.
\ne.
In June 2021, the group acquired a 38% e\ufb00ective interest (34% fully diluted) for US$500m in Skillsoft Corp. (Churchill). Churchill
\nis a special-purpose acquisition company that provides cloud-based learning, training and talent management solutions
\nthrough its acquisition of Skillsoft Corp. (NYSE: SKIL) (Skillsoft) and Global Knowledge Training LLC (Global Knowledge).
\nSkillsoft, a global leader in corporate digital learning, commenced trading on the New York Stock Exchange (NYSE) under the
\nticker symbol \u2018SKIL\u2019. This follows the completion of Software Luxembourg Holding S.A.\u2019s merger with Churchill Capital Corp. II
\nand combination with Global Knowledge in June 2021, with the combined company now operating as Skillsoft. The group
\naccounted for this investment as an equity-accounted associate. The cost of the investment in associate includes the fair value
\nof a derivative \ufb01nancial asset amounting to US$38m at date of closing that arose because the purchase price for this
\ninvestment was \ufb01xed in October 2020 on the signing date of this transaction.
\nIn addition to the associate investment in Skillsoft the group received 16 666 667 issued public warrants amounting to US$41m
\nin exchange for corporate support services to be provided to the company. The public warrants give the group the right to
\npurchase Skillsoft common stock at an exercise price of US$11.50 per share or are subject to a compulsory cash redemption
\non speci\ufb01ed future dates and are contingent on the Skillsoft share price. The group accounts for these warrants as \ufb01nancial
\nassets at fair value through pro\ufb01t or loss and recognised deferred income for the support services to be provided over a
\nspeci\ufb01ed period.
\nf.
In July 2021, the group acquired a 12% e\ufb00ective interest (12% fully diluted) for US$84m in Flink. Flink is a German-based
\ninstant grocery-delivery company. The group will account for this investment as an equity-accounted associate on account of
\nits signi\ufb01cant in\ufb02uence on the board of directors. The agreement includes an arrangement with the founder shareholders in
\nwhich their shareholding may be repurchased by Flink upon termination of employment at speci\ufb01ed values. This share-based
\npayment arrangement will be settled in cash. The founder\u2019s legal shareholding at acquisition is therefore accounted for as a
\ncompound \ufb01nancial instrument and not as a shareholder ownership interest. This increased the group\u2019s economic interest for
\nequity accounting of the associate to 20% as a result of this arrangement.
\nAdditional investment in existing equity-accounted investments
\ng.
In April 2021 and February 2022, the group made an additional investment in Swiggy, the operator of a \ufb01rst-party food-
\ndelivery marketplace in India, amounting to US$274m and US$25m respectively. At 31 March 2021, the group held a 41%
\ne\ufb00ective interest. As we did not participate equally in the funding round, our e\ufb00ective interest is 33% (31% fully diluted) in
\nSwiggy. The group continues to account for its interest in Swiggy as an investment in an associate.
\nh.
In April 2021 and February 2022, the group made an additional investment in ElasticRun, a software and technology platform
\nfor providing transportation and logistics services in India, amounting to US$30m and US$60m respectively. At 31\u00a0March 2021,
\nthe group held a 20% e\ufb00ective interest. Following these investments, the group holds a 23% e\ufb00ective interest (22% fully diluted)
\nin ElasticRun. The group continues to account for its interest in ElasticRun as an investment in an associate.
\ni.
In April 2021, the group made an additional investment amounting to US$153m in BYJU\u2019S, India\u2019s largest education company
\nand the creator of India\u2019s largest personalised learning app. At 31 March 2021, the group held an 11% e\ufb00ective interest.
\nFollowing this investment, the group retained its 11% e\ufb00ective interest (10% fully diluted) in BYJU\u2019S. The group continues to
\naccount for its interest in BYJU\u2019S as an investment in an associate on account of its signi\ufb01cant in\ufb02uence on the board of
\ndirectors.
\n
\n
\n
\n
\n
\n
\n
\n
\nj.
In May 2021, the group completed bilateral trades that resulted in an additional investment in Delivery Hero. The group
\nacquired an additional investment in Delivery Hero in March 2021, which increased its shareholding by 8% to approximately
\n24.99%. The additional investment was acquired via the market and bilateral trades. At 31 March 2021, while legal ownership
\nhad transferred for this 8% additional interest, the access to the returns associated with the ownership had not fully transferred
\nfor 4% of this interest. Accordingly, the e\ufb00ective interest in Delivery Hero recognised at 31 March 2021 was 21% with the
\nremaining 4% amounting to US$1.2bn recognised as a contractual right to receive the shares or cash. In May 2021, the
\nbilateral trades for the remaining 4% were completed, resulting in an increase in the e\ufb00ective shareholding of Delivery Hero to
\n24.99% as the access to the returns associated with the ownership for these shares has been transferred. The group paid an
\nadditional US$188m for the increase in share price for this interest between March and May 2021. In addition, the \ufb01nancial
\nasset amounting to US$1.2bn recognised at 31 March 2021 for the right to receive this interest or cash was derecognised
\nagainst the carrying value of the investment.
\nFurther, in August 2021 the group announced its intention to acquire an additional 2.5% stake in Delivery Hero, subject to
\nAustrian Competition regulatory approval, through its subsidiary, MIH Food Holdings B.V. The competition approval was
\ngranted in September and accordingly the group acquired an additional investment in Delivery Hero. The group increased its
\nshareholding in Delivery Hero by 2.5% to 27% from 25%.
\nThe additional investment was acquired initially as a call option to acquire the shares subject to competition approval. The
\ncall option was acquired at the fair value of the shares amounting to US$936m and recognised as a \ufb01nancial instrument
\nmeasured at fair value through pro\ufb01t or loss. In addition, the group applied cash \ufb02ow hedge accounting to the highly
\nprobable forecast acquisition of this additional investment, hedging the exposure to future share price increases in Delivery
\nHero shares between the date the call option was acquired, and the date approval was granted to acquire the additional
\nshares. The additional investment in Delivery Hero was based on the fair value of the call option on the date that the
\napproval was granted (US$817m) and the accumulated losses in the cash \ufb02ow hedge reserve (US$119m). The accumulated
\nlosses within the cash \ufb02ow hedge reserve were included in the cost of the investment, as based on the group\u2019s judgement the
\ninvestment in associate is a non-\ufb01nancial asset. The resulting additional investment in Delivery Hero recognised after the basis
\nadjustment was US$936m.
\nk.
In August 2021, the group made an additional investment amounting to US$127m in Eruditus, an online platform using
\ntechnology and curriculum innovation to o\ufb00er professional education courses in collaboration with top-ranked universities
\nglobally. At 31 March 2021, the group held a 9% e\ufb00ective interest. Following these investments, the group holds a 13%
\ne\ufb00ective interest (11% fully diluted) in Eruditus. The group continues to account for its interest in Eruditus as an investment in an
\nassociate on account of its signi\ufb01cant in\ufb02uence on the board of directors.
\nl.
In September 2021, the group made an additional investment amounting to US$134m in Meesho, a leading social commerce
\nonline marketplace in India that enables independent resellers to build small businesses by connecting them with suppliers
\nto\u00a0curate a catalogue of goods and services to sell. Meesho also provides logistics and payment tools on its platform. At
\n31\u00a0March 2021, the group held a 12% e\ufb00ective interest. Following these investments, the group holds a 13% e\ufb00ective interest
\n(12% fully diluted) in Meesho. The group continues to account for its interest in Meesho as an investment in an associate on
\naccount of its signi\ufb01cant in\ufb02uence on the board of directors.
\nOther investments
\nm. In April 2021, the group acquired a 4% e\ufb00ective interest (4% fully diluted) for US$84m in Urban Company. Urban Company is
\none of the largest home services platforms in Asia, with representation in India, UAE, Singapore and Australia. The investment
\nis not held for trading, therefore the group accounts for this as an investment at fair value through other comprehensive
\nincome.
\nn.
In December 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457 326 671 Class A
\nordinary shares of JD.com to its shareholders on the basis of 1 Class A ordinary share of JD.com for every 21 shares held.
\nAs\u00a0a result of this distribution the group obtained a 4% e\ufb00ective (131 873 028 Class A ordinary shares) interest in JD.com.
\nJD.com is a platform creator that brings value to partners and customers in sectors such as ecommerce, logistics, internet
\n\ufb01nance, cloud computing and smart technology. The investment is not held for trading, therefore the group accounts for this as
\nan investment at fair value through other comprehensive income.
\nThe group recognised a dividend receivable up until the distribution date of 25 March 2022. The dividend in specie
\ndistribution of the investment in JD.com has reduced the investment in Tencent by US$3.9bn representing the fair value of the
\ninvestment on the distribution date.
\no.
In March 2022, the group acquired an 8% e\ufb00ective (7% fully diluted) interest for US$226m in GoStudent. GoStudent is a
\nprovider of online tutoring services in a 1:1, video-based format to K\u201312 students via a managed marketplace model in
\nAustria. The investment is not held for trading, therefore the group accounts for this as an investment at fair value through
\nother comprehensive income.
\n
\n
\n
\n
Disposal of equity-accounted investments
\np.
In April 2021, the group sold 2% of Tencent total issued share capital. The sale reduced its stake in Tencent from
\napproximately 31% to 29%, yielding US$14.6bn in proceeds and a gain on partial disposal of US$12.3bn. The group
\nreclassi\ufb01ed a gain of US$41m from the foreign currency translation reserve to the consolidated income statement related to
\nthis partial disposal. Proceeds from this disposal are included in short-term investments on the consolidated statement of
\n\ufb01nancial position.
\n7.
Goodwill
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCost
\nOpening balance
3 727
2 261
\nForeign currency translation e\ufb00ects
\n1
\n369
(167)
\nAcquisitions of subsidiaries and businesses
11
1 692
\nDisposals of subsidiaries and businesses
(11)
(59)
\nTransferred to assets classi\ufb01ed as held for sale
\n2, 3
\n(1 713)
\u2013
\nClosing balance
2 383
3 727
\nAccumulated impairment
\nOpening balance
355
159
\nForeign currency translation e\ufb00ects
(3)
1
\nImpairment
684
246
\nDisposals of subsidiaries and businesses
(1)
(51)
\nTransferred to assets classi\ufb01ed as held for sale
(64)
\u2013
\nClosing balance
971
355
\nCarrying value
1 412
3 372
\n1 The current period includes a net monetary gain of US$95m relating to hyperin\ufb02ation accounting for the group\u2019s subsidiaries in Turkey. Refer to note 2.
\n2 Includes US$15m foreign currency translation gains related primarily to Avito that was classi\ufb01ed as held for sale prior to its disposal in October 2022.
\n3 This relates primarily to Avito that was classi\ufb01ed as held for sale in May 2022 prior to its disposal in October 2022 as well as the OLX Autos disposal group
\nclassi\ufb01ed as held for sale in March 2023. Refer to note 36.
\nThe group recognised impairment losses on goodwill of US$684m (2022: US$246m) in the current year of which US$560m relate
\nto Stack Over\ufb02ow in the Edtech segment and US$116m relate to the OLX Autos business unit. The impairment loss of the OLX
\nAutos business unit is as a result of the group\u2019s decision to exit the business and the assessment of the value that cannot be
\nrealised. The remainder of the goodwill related to this business is transferred to the disposal group classi\ufb01eds as held for sale.
\nThe goodwill was allocated to the disposal group based on the relative fair values of the operations within the business (refer to
\nnote 36). Stack Over\ufb02ow is a recent acquisition; however, the increase in risk-free rates resulted in an increase in the discount rate
\nused in the value in use calculation for this investment. In addition, the business has not performed as expected in the current
\nyear due to challenging macroeconomic conditions. The recoverable amount was therefore below the carrying amount and
\nresulted in the impairment loss. The prior year impairment related to Stack Over\ufb02ow as a result of increased discount rates used
\nin the value in use calculation for this investment.
\nImpairment testing of goodwill
\nThe group has allocated goodwill to various cash-generating units (CGUs). The recoverable amounts of these CGUs have been
\ndetermined based on the higher of the value in use calculations and the fair value less costs of disposal. Fair value less costs of
\ndisposal of these CGUs takes into account the transaction value for the group\u2019s recent acquisitions or upcoming disposals where
\napplicable, or is determined using an option pricing methodology. Value in use is based on discounted cash \ufb02ow calculations.
\nDuring the current and prior \ufb01nancial year, the recoverable amounts for CGUs were determined predominantly using value in use
\ncalculations. The group based its cash \ufb02ow calculations on 10-year budgeted and forecast information approved by senior
\nmanagement and/or the various boards of directors of group companies. Long-term average growth rates for the respective
\ncountries in which the entities operate or, where more appropriate, the growth rate of the CGUs, were used to extrapolate cash
\n\ufb02ows into the future.
\nThe discount rates used re\ufb02ect speci\ufb01c risks relating to the relevant CGUs and the countries in which they operate, while
\nmaximising the use of market observable data. Discount rates take into account country risk premiums and in\ufb02ation di\ufb00erentials
\nas appropriate.
\nManagement used 10-year projected cash \ufb02ow models, terminal growth rates ranging between 2% and 7.5% (2022: 2% and 7%)
\nand post-tax discount rates ranging between 11.5% and 28% (2022: 10% and 25%) in performing the impairment tests. The group
\nuses up to 10-year projected cash \ufb02ow models as many businesses have monetisation timelines longer than \ufb01ve years as further
\nexplained below.
\n
\n
\n
\n
\n
\nGoodwill
\n
\nOther assumptions included in cash \ufb02ow projections vary widely between CGUs due to the group\u2019s diverse range of business
\nmodels, and are closely linked to entity-speci\ufb01c key performance indicators.
\nGoodwill is tested annually as at 31 December or more frequently if there is a change in circumstance that indicates that it might
\nbe impaired. The group assessed its goodwill impairment calculations as well as the appropriateness of the recoverable amounts
\ntaking into account the impact of signi\ufb01cant market changes. The group\u2019s 10-year budgets and forecasts consisted of cash \ufb02ow
\nprojections including macroeconomic factors and trends. These budgets and forecasts were used to calculate discounted cash
\n\ufb02ow valuations to identify whether goodwill allocated to various CGUs was impaired. The value in use amounts used were
\nconsidered appropriate based on these budgets and forecasts.
\nEstimating the future performance of the group\u2019s CGUs is challenging during this current economic environment. As circumstances
\nchange and/or information becomes available, the risk of impairment may increase in future periods.
\nThe group\u2019s impairment testing of goodwill takes into account that, in most instances, longer forecast periods are required for
\nmany ecommerce businesses. These longer forecast periods are required as the group\u2019s ecommerce businesses generally only
\nreach maturity once su\ufb03cient market share has been gained, the businesses have reached the appropriate scale and have
\nbecome pro\ufb01table. The forecast period is assessed annually to ensure it remains appropriate for the relevant businesses. Key
\nassumptions in estimating these future cash \ufb02ows over the forecast period include the CGU\u2019s ability to capture the required market
\nshare and the additional investment required in order for it to reach the appropriate scale. The group uses look-back analysis to
\nassess past performance of its CGUs and uses it to validate past judgements and predict future performance. For certain CGUs
\nrisk adjustments are made to discount rates used when calculating the value in use. Value in use calculations are performed using
\nthe appropriate operational cash \ufb02ows, and accordingly, discount rates take into account country risk premiums and in\ufb02ation
\ndi\ufb00erentials as appropriate.
\nWhere the group has committed to the sale of a CGU or has determined that an impairment loss should be recognised on a
\nCGU based on its value in use, the group also calculates that CGU\u2019s fair value less costs of disposal to ensure that the recognition
\nof an impairment loss is appropriate.
\nPost-tax discount rates have been applied as value in use was determined using post-tax cash \ufb02ows. Impairment testing is
\nperformed using the appropriate currency cash \ufb02ows and accordingly, discount rates take into account country risk premiums and
\nin\ufb02ation di\ufb00erentials as appropriate.
\nThe calculation of value in use is most sensitive to the following assumptions:
\n\u00bb
projected revenue and EBITDA growth rates;
\n\u00bb
growth rates used to extrapolate cash \ufb02ows beyond the budget and forecast period, including the terminal growth rate applied
\nin the \ufb01nal projection year; and
\n\u00bb
discount rates.
\nWhen determining cash \ufb02ows over the forecast periods, EBITDA margin assumptions vary between the group\u2019s diverse range
\nof\u00a0businesses.
\nThe group\u2019s Edtech, and Payments and Fintech segments accounts for 61% and 25% of the overall balance of goodwill
\nrespectively. Accordingly, assumptions made in determining the cash \ufb02ows of the Edtech, and Payments and Fintech CGUs have a
\nsigni\ufb01cant impact on the annual impairment assessment. Key assumptions underlying revenue forecasts for CGUs in the Edtech,
\nand Payments and Fintech segments include the CGU\u2019s anticipated market share, the number of listings expected over the
\nforecast period and the revenue and EBITDA contribution of each such listing. EBITDA margins based on the long-term 10-year
\nbusiness plan range between -18% and 45%, depending on the stage of maturity of the relevant business. Terminal growth rates
\nand discount rates used in performing impairment tests are detailed in the table below.
\nFor those CGUs where no impairment is recognised, if either the pre or post-tax discount rate applied to cash \ufb02ows were to
\nincrease relatively by 5% or the growth rate used to extrapolate cash \ufb02ows were to decrease relatively by 5%, or if both the
\ndiscount rate and the growth rate were to increase and decrease relatively by 5% respectively, there would be no further
\nsigni\ufb01cant impairments that would have to be recognised.
\nFor Stack Over\ufb02ow if either the pre or post-tax discount rate applied to cash \ufb02ows were to increase relatively by 5% there would
\nbe a further impairment of goodwill of US$71m (2022: US$119m). If the growth rate used to extrapolate cash \ufb02ows were to
\ndecrease relatively by 5% there would be a further impairment of US$6m (2022: US$9m). If both the discount rate and the growth
\nrate were to increase and decrease relatively by 5% respectively there would be a further impairment of goodwill of US$76m
\n(2022: US$127m).
\n
\n
\n
\n
The carrying value of goodwill presented per segment as at 31 March 2023 is as follows:
\nCarrying
\nvalue of
\ngoodwill
\nUS$\u2019m
\nBasis of
\ndetermination
\nof recoverable
\namount
\n1
\nPre-tax
\ndiscount
\nrates
\n2
\n%
\nPost-tax
\ndiscount
\nrate applied
\nto cash \ufb02ows
\n2
\n%
\nGrowth rate
\nused to
\nextrapolate
\ncash \ufb02ows
\n2
\n%
\nAverage
\nrevenue
\ngrowth
\nrate
\n2, 3
\n%
\nCGUs by segment
\nClassi\ufb01eds
86
Various
Various
Various
6.9 \u2013 14.6
\nPayments and Fintech
350
14.8 \u2013 35.6
\nPayU India
113
VIU
18.9
16.5
3.5
\nPayU Global Payments
\nOperations (GPO)
162
VIU
20.8
17.0
3.5
\nCredit India
75
VIU
19.5
18.0
3.5
\nFood Delivery
27
VIU
21.1
17.0
4.5
1.1 \u2013 22.9
\nEdtech
858
19.6 \u2013 30.5
\nStack Over\ufb02ow
653
VIU
16.7
14.5
3.0
\nGoodHabitz
205
VIU
14.8
13.0
3.5
\nEtail
47
VIU
16.8
15.5
4.5
11.1 \u2013 17.0
\nOther
44
VIU/FVLCoD
Various
Various
Various
\n1 412
\nThe carrying value of goodwill presented per segment as at 31 March 2022 is as follows:
\nCarrying
\nvalue of
\ngoodwill
\nUS$\u2019m
\nBasis of
\ndetermination
\nof recoverable
\namount
\n1
\nPre-tax
\ndiscount
\nrates
\n2
\n%
\nPost-tax
\ndiscount
\nrate applied
\nto cash \ufb02ows
\n2
\n%
\nGrowth rate
\nused to
\nextrapolate
\ncash \ufb02ows
\n2
\n%
\nAverage
\nrevenue
\ngrowth rate
\n2, 3
\n%
\nCGUs by segment
\nClassi\ufb01eds
1 495
6.7 \u2013 55.0
\nOLX Autos
364
VIU
13.2 \u2013 15.1
11.5 \u2013 23.5
3.5
\nFrontier Car Group Inc. (FCG)
287
\nOLX B.V.
77
\nAvito AB
1 016
VIU
28.4
25.0
4.0
\nOther Classi\ufb01eds
115
VIU/FVLCoD
Various
Various
Various
\nPayments and Fintech
337
10.6 \u2013 38.9
\nPayU India
130
VIU
16.1
14.0
3.5
\nPayU Global Payments
\nOperations (GPO)
119
VIU
16.7
14.0
3.5
\nCredit India
88
VIU
22.4
16.5
3.5
\nFood Delivery
27
VIU
16.9
14.0
4.5
15.3 \u2013 21.5
\nEdtech
1 424
22.9 \u2013 36.9
\nStack Over\ufb02ow
1 213
VIU
15.4
13.5
2.3
\nGoodHabitz
211
VIU
13.8
12.0
3.0
\nEtail
51
VIU
14.6
13.5
4.5
8.2 \u2013 16.4
\nOther
38
VIU/FVLCoD
Various
Various
Various
\n3 372
\n1 The recoverable amount for the subsidiary\u2019s goodwill in these segments is either the value in use (VIU) or the fair value less cost of disposal (FVLCoD). FVLCoD is
\nbased on the most recent transaction value from an acquisition during the current \ufb01nancial year. The fair value for these CGUs are level 3 measurements.
\n2 Goodwill is tested annually as at 31 December or more frequently if changes in circumstances indicate that it might be impaired.
\n3 The revenue growth rate is based on an average rate over the forecasted period.
\nPost-tax discount rates have been applied in calculations as value in use was determined using post-tax cash \ufb02ows.
\n
\n
\n
\n
\n
\n 8.
Signi\ufb01cant subsidiaries
\nThe following information relates to the group\u2019s interest in its signi\ufb01cant subsidiaries as at 31 March:
\nE\ufb00ective percentage
\ninterest
\n1
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nFunctional
\ncurrency
Name of subsidiary
\n2023
\n%
\n2022
\n%
\nUnlisted companies
\nCorporate companies
\nMIH Internet Holdings B.V.
100.00
100.00
\nInvestment
\nholding
The Netherlands
US$
\nProsus Services B.V.
100.00
100.00
Corporate entity
The Netherlands
US$
\nClassi\ufb01eds
\nOLX Global B.V.
99.00
99.00
\nInvestment
\nholding
The Netherlands
US$
\nAvito AB
\n2
\n\u2013
99.00
Classi\ufb01eds
Sweden
SEK
\nBrocante Lab SAS (Selency)
\n3
\n\u2013
54.14
Classi\ufb01eds
France
EUR
\nFrontier Car Group Inc. (FCG)
\n4
\n99.00
99.00
Classi\ufb01eds
\nUnited States
\nof America
US$
\nSilver Indonesia JVCo B.V. (OLX Indonesia)
99.00
99.00
Classi\ufb01eds
The Netherlands
US$
\nFood Delivery
\niFood.com Ag\u00eancia de Restaurantes
\nOnline S.A. (iFood)
\n5
\n96.05
62.54
Food delivery
Brazil
BRL
\nPayments and Fintech
\nPayU Global B.V.
100.00
100.00
\nInvestment
\nholding
The Netherlands
US$
\niyzi \u00d6deme ve Elektronik Para Hizmetleri
\nAnonim \u015eirketi (Iyzico)
91.13
91.13
\nPayments
\nplatform
Turkey
TRY
\nPayU Payments Private Limited
100.00
100.00
\nPayments
\nplatform
India
INR
\nPaySense Private Limited
85.37
82.60
\nCredit
\nplatform
Singapore
SGD
\nRed Dot Payment Private Limited
95.54
74.09
\nPayments
\nplatform
Singapore
SGD
\nWibmo Inc.
100.00
100.00
\nPayments
\nplatform
\nUnited States
\nof America
US$
\nZooz Mobile Limited
100.00
100.00
\nPayments
\nplatform
Israel
US$
\n1 The percentage interest shown is the \ufb01nancial e\ufb00ective interest, after disregarding the interests of the group\u2019s equity-compensation plans treated as treasury
\nshares\u00a0and taking into account retention options. The group\u2019s \ufb01nancial e\ufb00ective interest is, in some instances, impacted by its shareholding in intermediate
\nholding\u00a0companies.
\n2 In October 2022, the group disposed of its interest in Avito AB. Refer to note 5.
\n3 The group lost control of the investment and now accounts for its investment as an associate on account of the group\u2019s signi\ufb01cant in\ufb02uence.
\n4 This investment is included in the OLX Autos business that is classi\ufb01ed as held for sale during the current year. Refer to note 5.
\n5 The group acquired the non-controlling shareholders in the current year. Refer to note 5.
\n
\n
\n
\n
The following information relates to the group\u2019s interest in its signi\ufb01cant subsidiaries as at 31 March:
\nE\ufb00ective percentage
\ninterest
\n1
\nName of subsidiary
\n2023
\n%
\n2022
\n%
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nFunctional
\ncurrency
\nEdtech
\nMIH Edtech Investments B.V.
100.00
100.00
\nInvestment
\nholding
The Netherlands
US$
\nGood Bidco B.V. (GoodHabitz)
62.23
62.30
\nEducational
\nplatform
The Netherlands
EUR
\nStack Over\ufb02ow Limited
100.00
100.00
\nEducational
\nplatform
United Kingdom
GBP
\nEtail
\nMIH B2C Holdings B.V.
100.00
100.00
\nInvestment
\nholding
The Netherlands
US$
\nDante International S.A. (eMAG)
80.08
79.57
\nRetail and
\necommerce
Romania
RON
\nExtreme Digital Zrt
61.81
43.02
\nRetail and
\necommerce
Hungary
HUF
\nOther ecommerce
\nMovile Mobile Commerce Holdings, S.L.
94.11
94.03
\nMobile value-
\nadded services
Brazil
BRL
\nSympla Internet Solu\u00e7\u00f5es S.A.
79.64
77.82
\nMobile value-
\nadded services
Brazil
BRL
\n1 The percentage interest shown is the \ufb01nancial e\ufb00ective interest, after disregarding the interests of the group\u2019s equity-compensation plans treated as treasury
\nshares\u00a0and taking into account retention options. The group\u2019s \ufb01nancial e\ufb00ective interest is, in some instances, impacted by its shareholding in intermediate
\nholding\u00a0companies.
\n
\n
\n
\n
\n
\n9.
Investments in associates
\nThe following information relates to the group\u2019s \ufb01nancial interest in its signi\ufb01cant associates as at 31 March:
\nE\ufb00ective percentage
\ninterest
\n1
\nName of associated
\ncompany
\n2023
\n%
\n2022
\n%
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nFunctional
\ncurrency
Year-end
\nListed companies
\nDelivery Hero SE
\n2
\n29.83
27.28
Food delivery
Germany
EUR
December
\nTencent Holdings Limited
\n3
\n26.16
28.81
\nInternet-related
\nservices
Cayman Islands
RMB
December
\nRemitly Global Inc.
21.44
22.75
\nDigital money
\ntransfer
\nUnited States
\nof America
US$
December
\nSkillsoft Corp. (Skillsoft)
37.25
37.55
\nEducational
\nplatform
\nUnited States
\nof America
US$
December
\nSimilarWeb Limited
\n4
\n14.93
14.93
Internet metrics
Israel
NIS
December
\nUdemy, Inc.
\n5
\n\u2013
12.27
\nEducational
\nplatform
\nUnited States
\nof America
US$
March
\nUnlisted companies
\nClassi\ufb01eds
\nEMPG Holdings Limited
37.57
39.85
Classi\ufb01eds
\nUnited Arab
\nEmirates
US$
December
\nO\ufb00erUp Incorporated
39.04
39.04
Classi\ufb01eds
\nUnited States
\nof America
US$
December
\nBrocante Lab SAS (Selency)
\n6
\n26.44
\u2013
Classi\ufb01eds
France
EUR
March
\nFood Delivery
\nBundl Technologies Private
\nLimited (Swiggy)
\n2
\n32.83
32.72
Food delivery
India
INR
March
\nFlink SE
\n4
\n9.50
9.76
Food delivery
Germany
EUR
December
\nOda Group Holding AS
\n5
\n\u2013
13.14
Food delivery
Norway
NOK
December
\n1 The percentage interest shown is the \ufb01nancial e\ufb00ective interest, after disregarding the interests of equity-compensation plans treated as treasury shares and taking
\ninto account retention options. The group\u2019s \ufb01nancial e\ufb00ective interest is, in some instances, impacted by its shareholding in intermediate holding companies.
\n2 Refer to note 6 for the group\u2019s additional investment during the current year.
\n3 The group partially disposed of its interest in the current year. Refer to note 6.
\n4 The group accounts for its interest as an investment in an associate on account of its signi\ufb01cant in\ufb02uence on the board of directors.
\n5 In the current year, the group lost signi\ufb01cant in\ufb02uence in the investment due to the loss of its board representation. The investment is accounted for at fair value
\nthrough comprehensive income. Refer to note 28.
\n6 The group lost control of the investment and now accounts for its investment as an associate on account of the group\u2019s signi\ufb01cant in\ufb02uence.
\n
\n
\n\n
The following information relates to the group\u2019s \ufb01nancial interest in its signi\ufb01cant associates as at 31 March:
\nE\ufb00ective percentage
\ninterest
\n1
\nName of associated
\ncompany
\n2023
\n%
\n2022
\n%
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nFunctional
\ncurrency
Year-end
\nUnlisted companies
\ncontinued
\nEdtech
\nRyzac, Inc. (Codecademy)
\n2
\n\u2013
23.76
\nEducational
\ntechnology
\nUnited States
\nof America
US$
December
\nSoloLearn, Inc.
\n3
\n18.44
18.46
\nEducational
\ntechnology
\nUnited States
\nof America
US$
March
\nThink & Learn Private Limited
\n(BYJU\u2019S)
\n4
\n\u2013
9.81
\nEducational
\ntechnology
India
INR
March
\nBrainly, Inc.
42.07
42.13
\nEducational
\ntechnology
\nUnited States
\nof America
US$
December
\nEruditus Learning Solutions
\nPrivate Limited
\n3
\n13.18
13.18
\nEducational
\ntechnology
Singapore
SGD
June
\nOther ecommerce
\nHonor Technology, Inc.
\n(Honor)
\n3
\n13.35
13.71
Home care
\nUnited States
\nof America
US$
December
\nMeesho, Inc.
\n3
\n13.83
13.83
\nOnline
\nmarketplace
\nUnited States
\nof America
US$
March
\nAPI Holdings Private Limited
\n(PharmEasy)
\n3, 5
\n13.43
13.24
Healthcare
India
INR
March
\nN-TEX Transportation Services
\nPrivate Limited (ElasticRun)
22.63
22.63
Logistic services
India
INR
March
\n1 The percentage interest shown is the \ufb01nancial e\ufb00ective interest, after disregarding the interests of equity-compensation plans treated as treasury shares and taking
\ninto account retention options. The group\u2019s \ufb01nancial e\ufb00ective interest is, in some instances, impacted by its shareholding in intermediate holding companies.
\n2 The group disposed of this investment in the current year.
\n3 The group accounts for its interest as an investment in an associate on account of its signi\ufb01cant in\ufb02uence on the board of directors.
\n4 In September 2022, the group lost signi\ufb01cant in\ufb02uence in BYJU\u2019S. Refer to note 6.
\n5 The group acquired an additional interest in this investment during the current year.
\n
\n
\n
\n
\n
\n
\nThe fair values of the group\u2019s investments in its listed associates are detailed below:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nListed investments
\nDelivery Hero SE
2 669
3 035
\nTencent Holdings Limited
122 952
132 311
\nRemitly Global Inc.
633
369
\nSkillsoft Corp.
123
302
\nSimilarWeb Limited
76
145
\nUdemy Inc.
\n1
\n\u2013
213
\n1 In September 2022, the group lost signi\ufb01cant in\ufb02uence in Udemy. Refer to note 6.
\nThe above fair values have been measured using quoted prices in active markets and the disclosed amounts therefore represent
\nlevel 1 fair value measurements.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening balance
44 457
40 556
\nAssociates acquired \u2013 gross consideration
769
4 823
\nnet assets acquired
\n1
\n(823)
1 277
\ngoodwill and other intangibles recognised
1 652
3 661
\ndeferred taxation recognised
(60)
(115)
\nAssociates disposed of
(1)
(10)
\nAssociates transferred to held-for-sale
(5)
(38)
\nLoss of signi\ufb01cant in\ufb02uence
(743)
\u2013
\nShare of current year changes in OCI and net asset value
(1 741)
(2 699)
\nShare of equity-accounted results
5 398
9 379
\nEquity-accounted results due to acquisition accounting
(77)
(72)
\namortisation of other intangible assets
(100)
(99)
\nrealisation of deferred taxation
23
27
\nImpairment
(1 725)
(581)
\nDividends received
\n2
\n(5 089)
(4 426)
\nForeign currency translation e\ufb00ects
(2 122)
(252)
\nPartial disposal of interest in associate
\n3
\n(2 930)
(2 316)
\nDilution (losses)/gains
\n4
\n(261)
93
\nClosing balance
35 930
44 457
\nInvestments in associates
\nListed
33 604
40 463
\nUnlisted
2 326
3 994
\nTotal investments in associates
35 930
44 457
\n1 Current year relates mainly to the allocation of net asset value of Tencent as a result of its share repurchase programme. The prior year relates mainly to the
\nacquisition of additional shares in Delivery Hero.
\n2 In the current year, the dividend received from Tencent amounted to US$565m cash and dividend in specie of US$4.5bn of Meituan shares (2022: US$570m cash
\ndividend and dividend in specie of US$3.9bn in JD.com shares).
\n3 Relates to partial disposal of Tencent. During the current year the group recognised a gain on partial disposal of US$7.6bn (2022: US$12.3bn).
\n4 The total dilution (losses)/gains presented in the consolidated income statement relate to the group\u2019s diluted e\ufb00ective interest in associates and the reclassi\ufb01cation
\nof a portion of the group\u2019s foreign currency translation reserves from the consolidated statement of other comprehensive income to the consolidated income
\nstatement following the shareholding dilutions.
\n
\n
\n\n
The group recognised US$5.3bn (2022: US$9.3bn) from associates as its share of equity-accounted results in the consolidated
\nincome statement. There are no cumulative unrecognised losses relating to associates that have been fully impaired, recognised
\n(2022: US$nil) as at 31 March 2023.
\nThe group recognised total dilution losses of US$252m (2022: gains of US$95m) as part of \u2018Dilution (losses)/gains on equity-
\naccounted investments\u2019 in the consolidated income statement. The net dilution loss includes US$261m (2022: gain of US$92m)
\nwhich relates to the group\u2019s shareholding in Delivery Hero, Swiggy, SimilarWeb and other unlisted investments.
\nThe total dilution (loss)/gain presented in the consolidated income statement also includes a gain of US$9m (2022: US$2m)
\nrelating to the reclassi\ufb01cation of a portion of the group\u2019s foreign currency translation reserves from the consolidated statement of
\nother comprehensive income to the consolidated income statement following shareholding dilutions.
\nThe group\u2019s share of equity-accounted investments\u2019 other comprehensive income and reserves relates mainly to the revaluation of
\nthe associates\u2019 investments at fair value through other comprehensive income.
\nDirect equity movements relate to the group\u2019s share of equity-accounted investments\u2019 transfer of gains on disposal and deemed
\ndisposal of \ufb01nancial instruments to retained earnings.
\nAdjustments are made for signi\ufb01cant transactions and events that take place where lag periods are applied. These adjustments
\nusually include impairments and fair value adjustments related to the underlying \ufb01nancial instruments of associates measured at
\nfair value through pro\ufb01t or loss or at fair value through other comprehensive income.
\nAs at 31 March 2023, the group does not recognise deferred tax on its investments in associates as distributions from associates
\ndo not have tax consequences.
\nImpairment of equity-accounted investments
\nThe group assesses whether there is an indication that its equity-accounted investments are impaired. For the year ended 31
\nMarch 2023, the group assessment took into consideration the market capitalisation of the listed equity-accounted investments,
\nthe increase in market interest rates and country risk premiums, and overall business performance.
\nImpairment assessments for the group\u2019s listed equity-accounted investments related to Delivery Hero and Skillsoft as a result of a
\ndecline in the market capitalisation and the increase in country risk premiums for these investments. Impairment assessments for
\nthe group\u2019s unlisted equity-accounted investments related primarily to an investment in the Classi\ufb01eds segment as a result of the
\nincrease in market interest rates and the overall business performance.
\nThe recoverable amounts of equity-accounted investments have been determined based on the higher of the value in use
\ncalculations and the fair value less costs of disposal. During the current year and prior \ufb01nancial year, the recoverable amounts
\nwere determined using value in use calculations, except for Skillsoft which was determined using fair value less costs of disposal
\n(market price) as at 31 March 2023. The recoverable amount for Skillsoft was however based on a value in use calculation as at
\n30 September 2022. As at 31 March 2023, Skillsoft was impaired to its market value due to the signi\ufb01cant decline in the share
\nprice over time. Accordingly, the market price is considered the supportable representation of the recoverable amount for the
\ninvestment. The value in use calculation was determined using the discounted cash \ufb02ow method. The market price of Skillsoft is
\nlevel 1 on the fair value hierarchy. The group used 10-year projected cash \ufb02ow models as many businesses have monetisation
\ntimelines of longer than \ufb01ve years.
\nFor Delivery Hero, the value in use calculations were higher than the market price for this investment because market prices
\ninclude current market sentiment, while value in use calculations consider a longer-term horizon. The increase of the market price
\nfollowing the release of the December 2022 and \ufb01rst quarter 2023 \ufb01nancial results, supports the recoverable amount determined
\nby the value in use calculations.
\nThe value in use calculations for the listed equity-accounted investments were determined using the sum-of-the-parts approach.
\nDelivery Hero\u2019s 10-year projected cash \ufb02ow models incorporated market views and publicly available analyst projections.
\nSkillsoft\u2019s 10-year projected cash \ufb02ow models as at September 2022 incorporated forecast cash \ufb02ow information based on the
\ncompany\u2019s latest guidance.
\nFor the unlisted equity-accounted investments, the 10-year projected cash \ufb02ow models incorporated forecast cash \ufb02ow information
\nbased on the latest management guidance provided.
\nThe value in use calculations determined the equity values for the investments which took into consideration the following key
\nassumptions:
\nRevenue and expenses
\nRevenue and expenses in the cash \ufb02ow models were based on past experience, management\u2019s future expectations of business
\nperformance and the latest guidance announced by Delivery Hero and Skillsoft.
\n
\n
\n
\n
\n
\n
\n
\nGrowth rates
\nThe growth rates were consistent with publicly available information relating to long-term average growth rates for the markets in
\nwhich the equity-accounted investments operate. The annual growth rate used for revenue and expenses over the 10-year forecast
\nperiod ranged between 5% to 41% (2022: 2% to 47%) for equity-accounted investments.
\nDiscount rates
\nThe discount rates used re\ufb02ect speci\ufb01c risks relating to the relevant operations and the regions in which they operate, while for
\ncertain operations, risk adjustments are made to discount rates used when calculating the value in use. Discount rates take into
\naccount country risk premiums and in\ufb02ation di\ufb00erentials, as appropriate. Post-tax discount rates used ranged between 11% to 29%
\n(2022: 10% to 20%). Pre-tax discount rates used ranged between 13% to 35% (2022: 11% to 25%) for equity-accounted investments.
\nTerminal growth rates
\nThe terminal growth rates considered the steady growth rates that would appropriately extrapolate cash \ufb02ows beyond the
\nforecast periods once the business segment is assumed to have reached maturity. The terminal growth rates ranged between 2%
\nto 8% (2022: 2% to 5%) for equity-accounted investments. The terminal growth rate was based on the expected growth in
\nperpetuity in the markets where these businesses operate.
\nThe recoverable amounts for the above investments were lower than the respective carrying amounts. Accordingly, for the year
\nended 31 March 2023, an impairment loss of US$1.7bn (2022: US$584m) was recognised for equity-accounted investments of
\nwhich US$997m (recognised in the \ufb01rst half of the \ufb01nancial year) related to Delivery Hero (2022: US$nil), US$301m related to
\nSkillsoft (2022: US$111m) and US$425m related primarily to unlisted equity-accounted investments (2022: US$nil). For the Skillsoft
\nimpairment loss the group recognised US$204m at September 2022 and a further US$97m as at 31 March 2023. The impairment
\nloss for unlisted equity-accounted investments includes US$326m related to an investment in the Classi\ufb01eds segment.
\nAt 31 March 2023, the carrying value for Delivery Hero and Skillsoft was US$3.4bn and US$123m respectively (2022: US$4.9bn
\nand US$383m respectively), while the group share in the market capitalisation of these investments was US$2.7bn and US$123m
\nrespectively (2022: US$3.0bn and US$302m respectively).
\nSensitivity to changes in assumptions
\nAn adverse adjustment to any of the above key assumptions used in the value in use calculations would result in additional
\nimpairment losses being recognised.
\nMaterial associates\u2019 summarised \ufb01nancial information
\n31 March
\n1
\nTencent Holdings Limited
\n31 March
\n1
\nDelivery Hero SE
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nDividends received
5 089
4 426
\u2013
\u2013
\nRevenue
80 636
87 530
8 933
6 741
\nNet pro\ufb01t/(loss) from operations
25 600
34 179
(3 451)
810
\nOther comprehensive (loss)/income
(7 936)
(18 022)
490
(26)
\nTotal comprehensive income/(loss)
17 664
16 157
(2 961)
784
\nNon-current assets
152 416
168 122
9 466
10 403
\nCurrent assets
77 444
76 469
3 826
3 978
\nTotal assets
229 860
244 591
13 292
14 381
\nNon-current liabilities
52 188
51 726
8 595
7 469
\nCurrent liabilities
58 529
60 880
2 604
1 942
\nTotal liabilities
110 717
112 606
11 199
9 411
\nClosing net assets
119 143
131 985
2 093
4 970
\nNon-controlling interests
(8 949)
(11 103)
(59)
(17)
\n110 194
120 882
2 034
4 953
\nGroup\u2019s e\ufb00ective interest in associate at year-end
28 829
34 826
642
1 351
\nGoodwill and other
\n2
\n998
11
3 803
3 595
\nImpairment
\u2013
\u2013
(997)
\u2013
\nCarrying value of investment
29 827
34 837
3 448
4 946
\n1 Re\ufb02ects the summarised \ufb01nancial information of the above associates as at 31 December, adjusted for signi\ufb01cant transactions and events that took place during
\nthe\u00a0lag period applied for accounting purposes.
\n2 Included in goodwill and other for Delivery Hero is the fair value adjustment related to intangible assets arising as a result of the incremental acquisition acquired
\namounting to US$144m (2022: US$40m).
\n
\n
\n
\n
Other associates\u2019 summarised \ufb01nancial information
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nNet loss from operations
(791)
(630)
\nOther comprehensive income
58
59
\nTotal comprehensive loss
(733)
(571)
\nCarrying value of investments
2 655
4 674
\nTotal carrying value of investments in associates
35 930
44 457
\nThe group had no capital commitments or contingent liabilities at 31 March 2023 and 2022 in respect of its investments
\nin\u00a0associates.
\n10.
Investments in joint ventures
\nThe following information relates to the group\u2019s \ufb01nancial interest in its signi\ufb01cant joint ventures at 31 March:
\nE\ufb00ective percentage
\ninterest
\n1
\nName of joint venture
\n2023
\n%
\n2022
\n%
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nFunctional
\ncurrency
Year-end
\nUnlisted companies
\nEl Cocinero a Cuerda S.L.
\n(SinDelantal Mexico)
\n2
\n\u2013
30.72
Food delivery
Spain
EUR
December
\nInversiones CMR S.A.S.
\n(Domicilios.com)
\n3
\n48.99
31.97
Food delivery
Colombia
COP
December
\nSilver Brazil JVCo B.V.
\n(OLX\u00a0Brasil)
49.50
49.50
Classi\ufb01eds
The Netherlands
US$
December
\n1 The percentage interest shown is the \ufb01nancial e\ufb00ective interest, after disregarding the interests of equity-compensation plans treated as treasury shares and taking
\ninto account retention options. The group\u2019s \ufb01nancial e\ufb00ective interest is, in some instances, impacted by its shareholding in intermediate holding companies.
\n2 The group disposed of this investment during the current year.
\n3 During the current year a mutual decision was made to close down this business. The company is in the process of liquidation.
\nAdjustments are made for signi\ufb01cant transactions and events that take place where lag periods are applied.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening balance
144
158
\nJoint ventures acquired \u2013 gross consideration
104
5
\nNet assets acquired
104
5
\nShare of equity-accounted results
(147)
(50)
\nImpairment
(17)
\u2013
\nForeign currency translation e\ufb00ects
(15)
31
\nClosing balance
69
144
\nThe group recognised losses of US$147m (2022: US$50m) from joint ventures as its share of equity-accounted results in the
\nconsolidated income statement. There are no cumulative unrecognised losses relating to joint ventures that have been fully
\nimpaired, recognised (2022: US$nil) as at 31 March 2023.
\nImpairment losses of US$17m (2022: US$nil) were recognised for the group\u2019s investments in joint ventures.
\nNone of the group\u2019s interests in joint ventures are considered to be individually material.
\nAs at 31 March 2023, the group does not recognise deferred tax on its investments in joint ventures as distributions from joint
\nventures do not have tax consequences.
\nThe group had no capital commitments or contingent liabilities in respect of its investments in joint ventures at 31\u00a0March\u00a02023
\nand\u00a02022.
\n
\n
\n
\n
\n
\n11.
Acquisitions of subsidiaries and businesses
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nFair value of assets and liabilities:
\nProperty, plant and equipment
\u2013
16
\nOther intangible assets
5
309
\nNet current assets/(liabilities)
5
90
\nDeferred taxation
\u2013
(81)
\nLong-term liabilities
(2)
(10)
\n8
324
\nNon-controlling interests
\u2013
(16)
\nGoodwill recognised
11
1 692
\nPurchase consideration
19
2 000
\nNet cash in subsidiaries and businesses acquired
(1)
(104)
\nNet cash out\ufb02ow from acquisitions of subsidiaries and businesses
18
1 896
\n12.
Disposals of subsidiaries and businesses
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCarrying values of assets and liabilities:
\nProperty, plant and equipment
\u2013
2
\nGoodwill
10
8
\nOther intangible assets
2
16
\nNet current assets/(liabilities)
1
7
\nDeferred taxation
\u2013
(4)
\nLong-term liabilities
\u2013
(1)
\nHeld-for-sale assets
2 011
\u2013
\nForeign currency translation realised
(202)
1
\n1 822
29
\nGain on disposal \u2013 net
24
21
\nGain on disposal shown as part of discontinued operations
568
\u2013
\nSelling price
2 414
50
\nNet cash in subsidiaries and businesses disposed of
(340)
(15)
\nShares received as settlement
(21)
(33)
\nAmounts relating to prior-year disposal
2
22
\nAmounts to be received in the future
\u2013
(4)
\nNet cash in\ufb02ow from disposals of subsidiaries and businesses
2 055
20
\n
\n
\n
\n13.
Revenue
\nAccounting policy
\nRevenue disclosed in the consolidated income statement includes revenue from contracts with customers and other
\nrevenue not in the scope of IFRS 15.
\nRevenue from contracts with customers
\nRevenue from contracts with customers is derived from the sale of goods and rendering of services. Revenue is
\nmeasured based on the transaction price speci\ufb01ed in the contract with the customer. The group recognises revenue
\nwhen (or as) it transfers control of goods and/or services to its customers, which is when speci\ufb01c criteria have been met
\nfor each of the group\u2019s activities as described below. Revenue is recognised at the amount the group expects to be
\nentitled to in exchange for the goods and/or services transferred to customers.
\nRevenue is shown net of value added tax (VAT), returns, rebates and discounts. For contracts that permit returns, rebates
\nor discounts, revenue is recognised only to the extent that it is highly probable that a signi\ufb01cant reversal of revenue will
\nnot occur as a result of such items. The amount of revenue recognised is adjusted for expected returns, rebates or
\ndiscounts which are estimated based on the group\u2019s historical experience and taking into consideration the type of
\ncustomer, the type of transaction and the speci\ufb01c terms of each arrangement. The right to return goods is measured at
\nthe former carrying amount of the inventory less expected costs to recover goods where applicable.
\nWhere contracts include multiple goods and/or services, the transaction price is allocated to each distinct goods or
\nservice (or performance obligation) based on respective stand-alone selling prices. Where stand-alone selling prices
\nare not directly observable, they are estimated.
\nThe group identi\ufb01es all parties that are integral to it generating revenue on its online platforms as its customers and,
\naccordingly, incentives (including cash discounts and discount vouchers/coupons) provided to any party transacting on
\nthe platform are treated as a reduction of revenue.
\nThe group considers, for each contract with a customer, whether it is a principal or an agent. The group regards itself as
\nthe principal in a transaction where it controls a promised goods or service before the goods or service is transferred to
\na customer. Where the group is the principal in a transaction, it recognises revenue in the gross amount of consideration
\nto which it expects to be entitled. Where the group is in capacity of an agent, it recognises revenue on a net basis.
\nRevenue earned, but for which the group\u2019s right to the consideration is not yet unconditional, is presented as accrued
\nincome as part of other receivables in the statement of \ufb01nancial position. Payments received in advance from contracts
\nwith customers represent an obligation to transfer future goods and/or services and are presented as part of accrued
\nexpenses and other liabilities in the statement of \ufb01nancial position.
\nThe group is not party to contracts where the period between the transfer of goods and/or services and payment
\nexceeds one year. Consequently, the group does not adjust its transaction prices for \ufb01nancing components.
\nRevenue recognition for the group\u2019s major revenue streams is outlined below in the following paragraphs:
\nEcommerce revenue
\nRevenue represents amounts received or receivable from customers relating to online goods sold on the group\u2019s etail
\nand other internet platforms and from services rendered. Services rendered include advertising, classi\ufb01eds listing
\nrevenue, payment transaction commissions and fees, food-delivery revenue, educational technology revenue, mobile and
\nother content revenue.
\nSale of goods
\nRevenue from goods sold is recognised when the goods are delivered and accepted by the customer.
\nClassi\ufb01eds listings
\nThe group recognises classi\ufb01eds listings and related feature fees over the feature period or on listing of an item for sale
\ndepending on the nature of the feature purchased. Success fees and other relevant commissions are recognised when
\na\u00a0transaction is completed on the group\u2019s websites.
\nPayments and \ufb01ntech, food-delivery and mobile content
\nPayments and \ufb01ntech, food-delivery and mobile content revenues are recognised once a transaction is completed and is
\nbased on the applicable fee for each transaction performed.
\nEducational technology revenue
\nEducational technology revenues are recognised over the period in which the online educational content is provided for
\nor when the online educational content is provided depending on the nature of the educational content purchased.
\n
\n
\n
\n
\n
\nAdvertising revenues
\nThe group mainly derives advertising revenues from advertisements shown online on its websites and instant-messaging
\nwindows. Online advertising revenues are recognised over the period in which the advertisements are displayed using a
\ntime-based measure.
\nInterest income revenue
\nInterest income revenue is \ufb01nance income generated from the group\u2019s credit business across various segments, including
\nthe Payments and Fintech segment. The credit business provides \ufb01nancing for goods sold and credit o\ufb00erings provided.
\nInterest income revenue is recognised using the e\ufb00ective interest rate method, taking into account the expected timing
\nand amount of cash \ufb02ows. The e\ufb00ective interest rate method is a method of calculating the amortised cost of the
\n\ufb01nancial asset receivable, recognised when the funding is provided to customers.
\n31 March
\nReportable segment(s)
\nwhere revenue is included
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nFrom continuing operations
\nOnline sale of goods revenue
Etail and Classi\ufb01eds
2 695
2 826
\nClassi\ufb01eds listings revenue
Classi\ufb01eds
436
426
\nPayment transaction commissions and fees
\n1
\nVarious
987
703
\nMobile and other content revenue
Other ecommerce
51
71
\nFood-delivery revenue
Food Delivery
1 366
986
\nAdvertising revenue
Classi\ufb01eds
32
35
\nEducational technology revenue
Edtech
134
83
\nOther revenue
Various
64
90
\n5 765
5 220
\n1 This revenue is generated primarily from the Payments and Fintech segment and includes interest income revenue relating to the group\u2019s credit business across
\nvarious segments.
\nRevenue in the table above relates to revenue from contracts with customers, except for interest income revenue of US$91m
\n(2022: US$14m) relating to the group\u2019s credit business in various segments.
\nRevenue is presented on an economic-interest basis (ie including a proportionate consolidation of the revenue of associates and
\njoint ventures) in the group\u2019s segmental review and is accordingly not directly comparable to the above consolidated revenue
\n\ufb01gures. Refer to note 21 for disaggregation of revenue by geographical area.
\nThe group has recognised the following assets and liabilities in the consolidated statement of \ufb01nancial position that relate to
\nrevenue from contracts with customers:
\nAccrued income (refer to note 35)
\nAccrued income balance net of impairment allowances as at 31 March 2023 was US$65m (2022: US$46m). Refer to note 40 for
\nthe group\u2019s credit risk management policy. Impairment allowances recorded on accrued income balances were not material.
\nDeferred income (refer to notes 31 and 39)
\nThe total deferred income balance as at 31 March 2023 was US$118m (2022: US$159m) which consists of a current liability
\nportion of US$109m (2022: US$143m) and a non-current liability portion of US$9m (2022: US$16m). Revenue recognised in the
\ncurrent year that was included in the deferred income balance at the beginning of the year (as at 1 April 2022) was US$115m
\n(2022: US$62m).
\nUnsatis\ufb01ed long-term contracts
\nThere were no signi\ufb01cant changes in accrued income or deferred revenue balances during any of the periods presented.
\nThe group has no unsatis\ufb01ed long-term contracts as at 31 March 2023 (2022: US$nil).
\n
\n
\n
\n
\n
\n
14.
Expenses by nature
\nEmployee bene\ufb01ts
\nAccounting policies
\nRetirement bene\ufb01ts
\nThe group provides retirement bene\ufb01ts to its eligible employees, primarily by means of monthly contributions to a
\nnumber of de\ufb01ned contribution pension and provident funds. The assets of these funds are generally held in separate
\ntrustee-administered funds. The group\u2019s contributions to retirement funds are recognised as an expense in the period
\nin\u00a0which employees render the related service.
\nMedical aid bene\ufb01ts
\nThe group\u2019s contributions to medical aid bene\ufb01t funds for employees are recognised as an expense in the period
\nin\u00a0which the employees render services to the group.
\nPost-employment bene\ufb01ts
\nSome group companies provide post-employment bene\ufb01ts to their retirees. The entitlement to post-employment
\nhealthcare bene\ufb01ts is subject to the employee remaining in service up to retirement age and completing a minimum
\nservice period. The expected costs of these bene\ufb01ts are accrued over the minimum service period. Independent
\nactuaries carry out annual valuations of these obligations. All remeasurements resulting from experience adjustments
\nand changes in actuarial assumptions are recognised immediately in other comprehensive income. These obligations
\nare unfunded.
\nTermination bene\ufb01ts
\nThe group recognises termination bene\ufb01ts when it is demonstrably committed to either terminate the employment of
\nemployees before the normal retirement date, or provide termination bene\ufb01ts as a result of an o\ufb00er made to encourage
\nvoluntary redundancy.
\nWhere termination bene\ufb01ts fall due more than 12 months after the reporting period, they are discounted. In the case
\nof\u00a0an o\ufb00er made to encourage voluntary redundancy, the measurement of termination bene\ufb01ts is based on the number
\nof employees expected to accept the o\ufb00er. Termination bene\ufb01ts are immediately recognised as an expense in the
\nconsolidated income statement.
\n
\n
\n
\n
\n
\n
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOperating loss includes the following items:
\nPlatform cost of sales, website hosting and warehousing costs
2 511
2 526
\nPayment facilitation transaction costs
693
588
\nDelivery services costs
738
611
\nDepreciation
\n1
\n102
88
\nAmortisation
\n2
\n88
80
\nShort-term lease payments
4
2
\nAuditor\u2019s remuneration \u2013 PwC in the Netherlands
\n3
\nAudit fees of the \ufb01nancial statements
4
4
\nOther audit services
1
1
\nAuditor\u2019s remuneration \u2013 PwC network outside the Netherlands
\nAudit fees of the \ufb01nancial statements
6
5
\nAudit fees \u2013 other audit services
1
1
\nTotal audit fees
12
11
\nSta\ufb00 costs
\n4
\nThe total cost of employment of all employees, including executive directors, was as follows:
\nSalaries, wages and bonuses
1 125
907
\nSocial security taxes
129
107
\nRetirement bene\ufb01t costs
36
17
\nMedical aid fund contributions
8
4
\nCash-settled share-based compensation expenses
(183)
132
\nEquity-settled share-based compensation expenses
118
110
\n1 233
1 277
\nTraining costs
9
10
\nRetention option expense
20
30
\nTotal sta\ufb00 costs
1 262
1 317
\nAdvertising expenses
267
318
\nGeneral administration cost
491
416
\nNet impairment on \ufb01nancial assets measured at amortised cost
37
12
\nOther costs of providing services and sale of goods, purchases and expenses
151
32
\nTotal
6 356
6 001
\n1 Includes depreciation charge of US$1m in cost of providing services and sale of goods (2022: US$1m).
\n2 Recognised in selling, general and administration expense.
\n3 The fees listed relate to the procedures applied to the company and its consolidated group entities by accounting \ufb01rms and external auditors as referred to in
\nSection 1, subsection 1 of the Audit Firms Supervision Act (
Wet Toezicht Accountantsorganisaties
) as well as by Dutch and foreign-based accounting \ufb01rms, including
\ntheir tax services and advisory groups. The fees relate to the audit of the \ufb01nancial statements for the respective \ufb01nancial year.
\n4 Sta\ufb00 costs in the current year include redundancy costs paid as a result of the restructuring of the group.
\n
\n
\n
\n
15.
Other (losses)/gains \u2013 net
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nLoss on sale of assets
(4)
\u2013
\nImpairment losses
(751)
(246)
\nImpairment of goodwill, PPE and other intangible assets
(718)
(246)
\nImpairment of other assets
(33)
\u2013
\nDividends received on investments
\u2013
45
\nIncome on business support services
8
34
\nOther
\u2013
(2)
\nTotal other (losses)/gains \u2013 net
(747)
(169)
\nRefer to note 7, 32 and 33 for further information on the above impairments.
\n16.
Finance income/(costs)
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nInterest income
\nLoans and bank accounts
\n1
\n444
34
\nOther
32
18
\n476
52
\nInterest expense
\nLoans and overdrafts
(512)
(384)
\nCapitalised lease liabilities
(7)
(5)
\nOther
(36)
(9)
\n(555)
(398)
\nOther \ufb01nances income/(costs) \u2013 net
\nNet pro\ufb01t/(loss) from foreign exchange translation and fair value adjustments on \ufb01nancial
\ninstruments
18
(92)
\nGains/(losses) on translation of assets and liabilities
100
133
\n(Losses)/gains on derivative and other \ufb01nancial instruments
\n2
\n(82)
(225)
\nTotal \ufb01nance (costs)/income \u2013 net
(61)
(438)
\n1 The increase in the current year relates primarily to increased cash and short-term investments.
\n2 Prior period included a cost of US$217m related to the early settlement of portions of the 2025 and 2027 bonds.
\n17.
Net gains/(losses) on acquisitions and disposals
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nGains on disposal of investments \u2013 net
30
34
\nGains/(losses) recognised on loss of signi\ufb01cant in\ufb02uence
\n1
\n30
(1 112)
\nGains on loss of control
23
\u2013
\nRemeasurement of contingent consideration
1
(6)
\nTransaction-related costs
(31)
(42)
\nOther
2
(1)
\n55
(1 127)
\n1 In the prior year, the group reclassi\ufb01ed a portion of the foreign currency translation reserves related to VK from other comprehensive income to the income
\nstatement amounting to a loss of US$1.1bn as a result of the loss of signi\ufb01cant in\ufb02uence.
\n
\n
\n
\n
\n
\n18.
Cash from operations
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nPro\ufb01t before tax per income statement
9 519
18 595
\nAdjustments:
\nNon-cash and other
(9 832)
(18 951)
\nLoss on sale of assets
4
\u2013
\nDepreciation and amortisation
190
168
\nRetention option expense
20
30
\nShare-based compensation expenses
(65)
242
\nNet \ufb01nance cost
61
438
\nShare of equity-accounted results
(5 174)
(9 257)
\nImpairment of equity-accounted investments
1 742
581
\nGains on acquisitions and disposals
(31)
(28)
\nDilution losses/(gains) on equity-accounted investments
252
(95)
\nGains on partial disposal of equity-accounted investments
(7 622)
(12 339)
\n(Gains)/losses recognised on loss of signi\ufb01cant in\ufb02uence transactions
(30)
1 112
\nGains recognised on loss of control transactions
(23)
\u2013
\nIncome on business support services
(8)
(34)
\nDividends received on investments
\u2013
(45)
\nNet realisable value adjustments on inventory, net of reversals
14
6
\nImpairment of assets
751
246
\nDividend income
(61)
\u2013
\nReversal of provision
148
33
\nOther
\u2013
(9)
\nOperating cash \ufb02ows of discontinued operations, net of adjustments for non-cash and
\nother\u00a0items
145
206
\n(168)
(150)
\nWorking capital
(181)
(494)
\nCash movement in trade and other receivables
(53)
(208)
\nCash movement in payables, accruals and cash-settled share-based payment liabilities
(210)
(96)
\nCash movement in inventories
82
(190)
\nTotal cash utilised in operations
(349)
(644)
\n
\n
\n
\n
19.
Taxation
\nAccounting policy
\nTax expense
\nThe tax expense for the period comprises current and deferred tax. Tax is recognised in the consolidated income
\nstatement, except to the extent that it relates to items recognised in the consolidated statement of other comprehensive
\nincome or directly in equity. In such cases, the related tax is also recognised in the consolidated statement of other
\ncomprehensive income or directly in equity respectively.
\nCurrent income tax
\nThe statutory Dutch corporate tax rate applicable to Prosus for the year ended 31 March 2023 is 25.8% (2022: 25.8%).
\nThe current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
\nconsolidated statement of \ufb01nancial position date in the countries where the group operates and generates taxable
\nincome. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
\ntax regulations are subject to interpretation. It accounts for uncertain tax positions where appropriate, on the basis of
\namounts expected to be paid to the tax authorities. International tax rates vary from jurisdiction to jurisdiction.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCurrent taxation
67
100
\ncurrent year
67
97
\nprior year
\u2013
3
\nDeferred taxation
(28)
(46)
\ncurrent year
(28)
(46)
\nTotal taxation expense per income statement
39
54
\nReconciliation of taxation
\nTaxation at statutory rates
\n1
\n2 449
4 654
\nAdjusted for:
\nnon-deductible expenses
\n2
\n728
577
\nnon-taxable income
\n3
\n(2 028)
(3 144)
\ntemporary di\ufb00erences not provided for
\n4
\n238
271
\nadjustments related to prior-year taxes
\u2013
(5)
\nother taxes
8
13
\ntax attributable to equity-accounted earnings
(1 336)
(2 315)
\ntax adjustment for foreign taxation rates
(20)
3
\nTaxation provided in income statement
39
54
\n1 The reconciliation of taxation has been performed using the statutory tax rate of Prosus of 25.8% (2022: 25.8%). The impact of di\ufb00erent tax rates applied to pro\ufb01ts
\nearned in other jurisdictions is disclosed above as \u2018tax adjustment for foreign taxation rates\u2019.
\n2 Non-deductible expenses relate primarily to impairment losses and dilutions of equity-accounted investments.
\n3 Non-taxable income relates primarily to the gains on disposals of subsidiaries and associates and the remeasurement share-based payment liability.
\n4 Temporary di\ufb00erences for losses not provided for relate primarily to loss-making entities that did not recognise deferred tax assets.
\n
\n
\n
\n
\n
\n20.
Deferred taxation
\nAccounting policy
\nDeferred tax assets and liabilities have been calculated using tax rates (and laws) that have been enacted or
\nsubstantively enacted by the statement of \ufb01nancial position date, being the rates, the group expects to apply to the
\nperiods in which the assets are realised or the liabilities are settled.
\nDeferred taxation is provided on the taxable or deductible temporary di\ufb00erences arising between the tax bases of
\nassets and liabilities and their carrying values for \ufb01nancial reporting purposes. However, deferred tax liabilities are not
\nrecognised if they arise from the initial recognition of goodwill or from the initial recognition of an asset or liability in a
\ntransaction, other than a business combination, that, at the time of the transaction, a\ufb00ects neither the accounting nor the
\ntaxable pro\ufb01t or loss. Deferred tax assets are recognised to the extent that it is probable that future taxable pro\ufb01t will be
\navailable against which deductible temporary di\ufb00erences and unused tax losses can be utilised.
\nDeferred tax liabilities are provided for temporary di\ufb00erences arising on investments in subsidiaries, associates and joint
\nventures, except where the timing of the reversal of the temporary di\ufb00erence is controlled by the group and it is
\nprobable that the temporary di\ufb00erence will not reverse in the foreseeable future.
\nThe deferred tax assets and liabilities and movements thereon were attributable to the following items:
\n1 April
\n2022
\nUS$\u2019m
\nCharged
\nto income
\nUS$\u2019m
\nAcquisition
\nof subsidiaries
\nand businesses
\nUS$\u2019m
\nDisposals
\nof subsidiaries
\nand businesses
\nUS$\u2019m
\nForeign
\nexchange
\ne\ufb00ects
\nUS$\u2019m
\nTrans-
\nferred to
\nheld for
\nsale
\nUS$\u2019m
\n31 March
\n2023
\nUS$\u2019m
\nDeferred taxation
\nassets
\nProvisions and
\nother
\ncurrent liabilities
12
8
\u2013
\u2013
\u2013
(5)
15
\nCapitalised lease
\nliabilities
1
(3)
\u2013
\u2013
1
(1)
(2)
\nTax losses carried
\nforward
3
5
\u2013
\u2013
\u2013
(1)
7
\nOther
14
(8)
\u2013
\u2013
(5)
(1)
\u2013
\nTotal deferred tax
\nassets
30
2
\u2013
\u2013
(4)
(8)
20
\nO\ufb00setting of
\ndeferred tax
\nliabilities
(4)
(4)
\nNet deferred tax
\nassets
26
16
\nDeferred taxation
\nliabilities
\nIntangible assets
212
(32)
\u2013
\u2013
25
(113)
92
\nOther
\u2013
(2)
\u2013
\u2013
(3)
\u2013
(5)
\nTotal deferred tax
\nliabilities
212
(34)
\u2013
\u2013
22
(113)
87
\nO\ufb00setting of
\ndeferred tax assets
(4)
\u2013
\u2013
(4)
\nNet deferred tax
\nliabilities
208
83
\nNet deferred
\ntaxation
(182)
36
\u2013
\u2013
(26)
105
(67)
\n
\n
\n
\n
1 April
\n2021
\nUS$\u2019m
\nCharged
\nto income
\nUS$\u2019m
\nAcquisition
\nof subsidiaries
\nand businesses
\nUS$\u2019m
\nDisposals
\nof subsidiaries
\nand businesses
\nUS$\u2019m
\nForeign
\nexchange
\ne\ufb00ects
\nUS$\u2019m
\n31 March
\n2022
\nUS$\u2019m
\nDeferred taxation assets
\nProvisions and other
\ncurrent liabilities
11
\u2013
1
2
(2)
12
\nCapitalised lease
\nliabilities
3
(1)
\u2013
\u2013
(1)
1
\nTax losses carried forward
3
(1)
3
(2)
\u2013
3
\nOther
10
5
\u2013
(2)
1
14
\nTotal deferred tax assets
27
3
4
(2)
(2)
30
\nO\ufb00setting of deferred tax
\nliabilities
(4)
(4)
\nNet deferred tax assets
23
26
\nDeferred taxation liabilities
\nIntangible assets
179
(31)
80
(6)
(10)
212
\nOther
20
(25)
5
\u2013
\u2013
\u2013
\nTotal deferred tax liabilities
199
(56)
85
(6)
(10)
212
\nO\ufb00setting of deferred tax assets
(4)
(4)
\nNet deferred tax liabilities
195
208
\nNet deferred taxation
(172)
59
(81)
4
8
(182)
\nThe ultimate outcome of additional taxation assessments may vary from the amounts accrued. However, management believes
\nthat any additional taxation liability over and above the amounts accrued would not have a material adverse impact on the
\ngroup\u2019s combined consolidated income statement and consolidated statement of \ufb01nancial position.
\nThe group has tax losses carried forward of approximately US$5.5bn (2022: US$3.3bn) and unrecognised deferred tax assets on
\ninterest carried forward of US$169m. A summary of the tax losses carried forward at 31 March 2023 by tax jurisdiction and the
\nexpected expiry dates are set out below:
\nAsia
\nUS$\u2019m
\nEurope
\nUS$\u2019m
\nLatin
\nAmerica
\nand USA
\nUS$\u2019m
\nAfrica
\nUS$\u2019m
\nOther
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\nExpires in year one
7
133
\u2013
\u2013
\u2013
140
\nExpires in year two
20
28
\u2013
\u2013
\u2013
48
\nExpires in year three
17
2
\u2013
\u2013
\u2013
19
\nExpires in year four
6
14
\u2013
\u2013
\u2013
20
\nExpires in year \ufb01ve
3
14
2
\u2013
\u2013
19
\nExpires after year \ufb01ve
105
43
417
\u2013
220
785
\nNon-expiring
23
4 291
11
18
157
4 500
\n181
4 525
430
18
377
5 531
\nNet deferred taxation assets amount to US$16m (2022: US$26m), of which US$10m (2022: US$16m) are expected to be utilised
\nwithin the next 12 months and US$6m (2022: US$9m) after 12 months. Net deferred taxation liabilities amount to US$83m (2022:
\nUS$208m), of which US$4m (2022: US$28m) are expected to be settled within the next 12 months and US$79m (2022: US$180m)
\nafter 12 months.
\nThe group has not recognised any deferred tax assets related to accumulated losses when the utilisation depends on future
\ntaxable pro\ufb01ts in excess of the pro\ufb01ts arising from the reversal of existing taxable temporary di\ufb00erences, and the relevant group
\nentity from which the deferred tax asset would arise has su\ufb00ered a loss in either the current or a preceding period.
\nTemporary di\ufb00erences arise from the existence of undistributed pro\ufb01ts of subsidiaries and changes in foreign exchange rates on
\ntranslation of the subsidiaries operations. No deferred tax liabilities are recognised for these temporary di\ufb00erences because the
\ngroup controls the timing of the reversal of temporary di\ufb00erences associated with the investment by controlling the subsidiaries
\ndividend policies.
\n
\n
\n
\n
\n
\n21.
Segment information
\nAccounting policy
\nOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating
\ndecision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the
\noperating segments, has been identi\ufb01ed as the executive directors that make strategic decisions. The group
\nproportionately consolidates its share of the results of its associates and joint ventures in the various reportable
\nsegments. This is considered to provide additional information on the economic value of these investments.
\nOperating segments are identi\ufb01ed on the basis of internal reports about components of the group that are regularly reviewed by
\nthe chief operating decision-maker in order to allocate resources to the segments and to assess their performance. The CODM
\nhas been identi\ufb01ed as the group\u2019s executive directors, who make strategic decisions. The Prosus group has the same governance
\nstructures as its ultimate controlling parent, Naspers. It has the same board and management oversight, including the same
\nindividuals comprising the CODM. Accordingly, the CODM for Naspers is the same CODM for the Prosus group.
\nThe group proportionately consolidates its share of the results of its associated companies and joint ventures in its reportable
\nsegments. This is considered to provide additional information on the economic reality of these investments and corresponds to
\nthe manner in which the CODM assesses segmental performance.
\nThe group has identi\ufb01ed its reportable segments based on its business by service or product. The operating segments are
\ngrouped into the following categories: Ecommerce, Social and internet platforms and Corporate. Below are the operating
\nsegments under each category:
\nEcommerce
\u2013 the group operates internet platforms to provide various services and products. These platforms and communities
\no\ufb00er ecommerce, communication, social networks, entertainment and mobile value-added services. The reportable operating
\nsegments within Ecommerce include Classi\ufb01eds, Payments and Fintech, Food Delivery, Etail, Edtech and other ecommerce.
\n\u00bb
Classi\ufb01eds
\u2013 the group operates a number of leading online classi\ufb01eds platforms comprising general classi\ufb01eds (such as OLX
\nand letgo) and verticals (automotive and real estate verticals) in 19 core operating markets.
\n\u00bb
Payments and Fintech
\u2013 operates one of the largest mobile and online payment platforms in 20 high-growth markets through
\nPayU, an online payment services provider. This segment also includes the group\u2019s \ufb01ntech and credit interests via associates
\nand subsidiaries.
\n\u00bb
Food Delivery
\u2013 the group invests in leading global online food ordering and delivery platforms operating in regions including
\nIndia, Latin America, Europe, Asia and the Middle East through its investments in Delivery Hero, Swiggy and iFood.
\n\u00bb
Etail
\u2013 comprises the group\u2019s etail subsidiaries (eMAG). The group\u2019s operations are spread across Central and Eastern Europe
\nand India.
\n\u00bb
Edtech
\u2013 comprises the group\u2019s investment in leading online educational technology platforms (such as Stack Over\ufb02ow, Skillsoft
\nand GoodHabitz). The group\u2019s operations are spread across the globe including the North America, Europe, the Middle East,
\nAfrica and the Asia-Paci\ufb01c region.
\n\u00bb
Other ecommerce
\u2013 this segment comprises the group\u2019s mobile and other content businesses. Also included are various
\ncorporate support functions for the Ecommerce segment.
\nSocial and internet platforms
\u2013 the group holds listed investments in social and internet platforms through Tencent, China\u2019s
\nlargest and most-used internet services platform.
\nCorporate
\u2013 this segment comprises entities providing various corporate functions and activities. These services include but are
\nnot limited to executive oversight, information management, legal, treasury, control and accounting, human resources, taxes and
\ninvestor relations.
\nSales between the above segments are eliminated in the \u2018Inter-segmental\u2019 column. The revenue from external parties and all
\nother items of income, expenses, pro\ufb01ts and losses reported in the segment report is measured in a manner consistent with that
\nin the consolidated income statement. Adjusted EBITDA and trading pro\ufb01t/(loss) are presented in the segment report.
\nAdjusted EBITDA represents operating pro\ufb01t/loss, as adjusted to exclude: (i) depreciation; (ii) amortisation; (iii) retention option
\nexpenses linked to business combinations; (iv) other (losses)/gains \u2013 net, which includes dividends received from investments,
\npro\ufb01ts and losses on sale of assets, fair value adjustments of \ufb01nancial instruments, impairment losses, gains or losses on
\nsettlement of liabilities; (v) cash-settled share-based compensation expenses deemed to arise from shareholder transactions by
\nvirtue of employment; and (vi) subsequent fair value remeasurement of cash-settled share-based compensation expenses for
\ngroup share option schemes, equity-settled share-based compensation expenses for group share option schemes as well as
\nthose deemed to arise on shareholder transactions (but not excluding share-based payment expenses for which the group has a
\ncash cost on settlement with participants). It is considered a useful measure to analyse operational pro\ufb01tability.
\n
\n
\n
\n
Trading pro\ufb01t/loss represents operating pro\ufb01t/loss, as adjusted to exclude: (i) amortisation of intangible assets recognised in
\nbusiness combinations and acquisitions, as these expenses are not considered operational in nature; (ii) retention option
\nexpenses linked to business combinations; (iii) other (losses)/gains \u2013 net, which includes dividends received from investments,
\npro\ufb01ts and losses on sale of assets, fair value adjustments of \ufb01nancial instruments, impairment losses, compensation received
\nfrom third parties for property, plant and equipment impaired, lost or stolen, and gains or losses on settlement of liabilities; (iv)
\ncash-settled share-based compensation expenses deemed to arise from shareholder transactions by virtue of employment; and
\n(v) subsequent fair value remeasurement of cash-settled share-based compensation expenses, equity-settled share-based
\ncompensation expenses for group share option schemes as well as those deemed to arise on shareholder transactions (but not
\nexcluding share-based payment expenses for which the group has a cash cost on settlement with participants).
\nThe revenues from external customers for each major group of products and services are disclosed in note 13. The group is not
\nreliant on any one major customer as the group\u2019s products are consumed by the general public in a large number of countries.
\nRevenue
\n31 March 2023
31 March 2022
\nExternal
\nUS$\u2019m
\nInter-
\nsegmental
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\nExternal
\nUS$\u2019m
\nInter-
\nsegmental
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\nContinuing operations
\nEcommerce
9 944
\u2013
9 944
8 174
\u2013
8 174
\n\u2013 Classi\ufb01eds
\n1, 2
\n1 575
\u2013
1 575
1 324
\u2013
1 324
\n\u2013 Food Delivery
4 203
\u2013
4 203
2 992
2 992
\n\u2013 Payments and Fintech
1 034
18
1 052
784
12
796
\n\u2013 Edtech
545
\u2013
545
425
\u2013
425
\n\u2013 Etail
1 953
\u2013
1 953
2 259
\u2013
2 259
\n\u2013 Other
634
(18)
616
390
(12)
378
\nSocial and internet platforms
22 269
\u2013
22 269
25 794
\u2013
25 794
\n\u2013 Tencent
22 269
\u2013
22 269
25 261
\u2013
25 261
\n\u2013 VK
\n3
\n\u2013
\u2013
\u2013
533
\u2013
533
\nCorporate segment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nTotal economic interest from
\ncontinuing operations
32 213
\u2013
32 213
33 968
\u2013
33 968
\nLess:
Equity-accounted investments
(26 448)
\u2013
(26 448)
(28 748)
\u2013
(28 748)
\nTotal consolidated from continuing
\noperations
5 765
\u2013
5 765
5 220
\u2013
5 220
\nTotal from discontinued operations
\n1, 2
\n1 626
\u2013
1 626
1 646
\u2013
1 646
\nTotal consolidated
7 391
\u2013
7 391
6 866
\u2013
6 866
\n1 From 1 April 2022, following the separation from OLX Group, the CODM reviewed the \ufb01nancial results of Avito separately. Subsequent to the group\u2019s decision to exit
\nthis Russian business, Avito was presented as a discontinued operation up until the date of disposal. The comparative \ufb01nancial results of Avito, previously presented
\nin the Classi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations. Refer to note 5.
\n2 From 1 March 2023, following the group\u2019s decision to exit the OLX Autos business unit, its operations classi\ufb01ed as held for sale and those that have been closed by
\n31 March 2023 were presented as a discontinued operation. The OLX Autos business unit is a separate major line of business both in terms of the distinct nature of
\nthe business and its contribution to the operational performance of the group. The comparative \ufb01nancial results of these operations previously presented in the
\nClassi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations. Refer to note 5.
\n3 During the year ended 31 March 2022, the group lost signi\ufb01cant in\ufb02uence in VK Company Limited (VK). In November 2022, the group signed an agreement with VK
\nto renounce all VK shares and shareholder rights for no consideration.
\n
\n
\n
\n
\n
\n
\nYear ended 31 March 2023
\nTotal
\nrevenue
\nUS$\u2019m
\nCOPS
\nand SGA
\n1
\nUS$\u2019m
\nAdjusted
\nEBITDA
\n2
\nUS$\u2019m
\nDepreciation
\nUS$\u2019m
\nAmortisation
\nof software
\nUS$\u2019m
\nInterest
\non leases
\nUS$\u2019m
\nTrading
\n(loss)/pro\ufb01t
\n3
\nUS$\u2019m
\nContinuing operations
\nEcommerce
9 944
(11 213)
(1 269)
(200)
(26)
(14)
(1 509)
\n\u2013 Classi\ufb01eds
\n4, 5
\n1 575
(1 688)
(113)
(31)
(7)
(5)
(156)
\n\u2013 Food Delivery
4 203
(4 748)
(545)
(88)
(7)
(9)
(649)
\n\u2013 Payments and Fintech
1 052
(1 160)
(108)
(6)
(2)
\u2013
(116)
\n\u2013 Edtech
545
(784)
(239)
(15)
(5)
1
(258)
\n\u2013 Etail
1 953
(1 963)
(10)
(46)
(5)
(2)
(63)
\n\u2013 Other
616
(870)
(254)
(14)
\u2013
1
(267)
\nSocial and internet platforms
22 269
(15 974)
6 295
(1 145)
(22)
(43)
5 085
\n\u2013 Tencent
22 269
(15 974)
6 295
(1 145)
(22)
(43)
5 085
\nCorporate segment
\u2013
(166)
(166)
(6)
\u2013
(1)
(173)
\nTotal economic interest from
\ncontinuing operations
32 213
(27 353)
4 860
(1 351)
(48)
(58)
3 403
\nLess:
Equity-accounted
\ninvestments
(26 448)
20 920
(5 528)
1 249
35
51
(4 193)
\nTotal consolidated from
\ncontinuing operations
5 765
(6 433)
(668)
(102)
(13)
(7)
(790)
\nTotal from discontinued
\noperations
\n4, 5
\n1 626
(1 580)
46
(15)
(5)
\u2013
26
\nTotal consolidated
7 391
(8 013)
(622)
(117)
(18)
(7)
(764)
\n1 Refers to cost of providing services and sale of goods as well as selling, general and administration expenses.
\n2 Adjusted EBITDA is a non-IFRS measure that refers to earnings before the remeasurement of cash-settled share-based compensation expenses, equity-settled
\nshare-based compensation expenses for group share option schemes, interest, taxation, depreciation and amortisation. It is considered a useful measure to analyse
\npro\ufb01tability by eliminating the e\ufb00ects of remeasurement of cash-settled share-based compensation expenses, equity-settled share-based compensation expenses for
\ngroup share option schemes, \ufb01nancing, tax, capital investment, depreciation and amortisation.
\n3 Trading (loss)/pro\ufb01t is a non-IFRS measure that refers to adjusted EBITDA adjusted for depreciation, amortisation of software and interest on capitalised lease
\nliabilities. It is considered a useful measure to analyse pro\ufb01tability.
\n4 From 1 April 2022, following the separation from OLX Group, the CODM reviewed the \ufb01nancial results of Avito separately. Subsequent to the group\u2019s decision to exit
\nthis Russian business, Avito was presented as a discontinued operation up until the date of disposal. The comparative \ufb01nancial results of Avito, previously presented
\nin the Classi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n5 From 1 March 2023, following the group\u2019s decision to exit the OLX Autos business unit, its operations classi\ufb01ed as held for sale and those that have been closed by
\n31 March 2023 were presented as a discontinued operation. The OLX Autos business unit is a separate major line of business both in terms of the distinct nature of
\nthe business and its contribution to the operational performance of the group. The comparative \ufb01nancial results of these operations previously presented in the
\nClassi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n
\n
\n\n
Year ended 31 March 2022
\nTotal
\nrevenue
\nUS$\u2019m
\nCOPS
\nand SGA
\n1
\nUS$\u2019m
\nAdjusted
\nEBITDA
\n2
\nUS$\u2019m
\nDepreciation
\nUS$\u2019m
\nAmortisation
\nof software
\nUS$\u2019m
\nInterest
\non leases
\nUS$\u2019m
\nTrading
\n(loss)/pro\ufb01t
\n3
\nUS$\u2019m
\nContinuing operations
\nEcommerce
8 174
(9 196)
(1 022)
(165)
(13)
(6)
(1 206)
\n\u2013 Classi\ufb01eds
\n4, 5
\n1 324
(1 361)
(37)
(27)
(3)
(3)
(70)
\n\u2013 Food Delivery
2 992
(3 643)
(651)
(67)
(5)
(1)
(724)
\n\u2013 Payments and Fintech
796
(848)
(52)
(6)
(1)
(1)
(60)
\n\u2013 Edtech
425
(525)
(100)
(16)
(1)
\u2013
(117)
\n\u2013 Etail
2 259
(2 247)
12
(43)
(3)
(1)
(35)
\n\u2013 Other
378
(572)
(194)
(6)
\u2013
\u2013
(200)
\nSocial and internet platforms
25 794
(18 171)
7 623
(1 225)
(42)
(37)
6 319
\n\u2013 Tencent
25 261
(17 759)
7 502
(1 181)
(16)
(32)
6 273
\n\u2013 VK
\n6
\n533
(412)
121
(44)
(26)
(5)
46
\nCorporate segment
\u2013
(160)
(160)
(6)
\u2013
(1)
(167)
\nTotal economic interest from
\ncontinuing operations
33 968
(27 527)
6 441
(1 396)
(55)
(44)
4 946
\nLess:
Equity-accounted
\ninvestments
(28 748)
21 763
(6 985)
1 308
48
39
(5 590)
\nTotal consolidated from
\ncontinuing operations
5 220
(5 764)
(544)
(88)
(7)
(5)
(644)
\nTotal from discontinued
\noperations
\n4, 5
\n1 646
(1 513)
133
(28)
(4)
(4)
97
\nTotal consolidated
6 866
(7 277)
(411)
(116)
(11)
(9)
(547)
\n1 Refers to cost of providing services and sale of goods as well as selling, general and administration expenses.
\n2 Adjusted EBITDA is a non-IFRS measure that refers to earnings before the remeasurement of cash-settled share-based compensation expenses, equity-settled
\nshare-based compensation expenses for Naspers group share option schemes, interest, taxation, depreciation and amortisation. It is considered a useful measure
\nto\u00a0analyse pro\ufb01tability by eliminating the e\ufb00ects of remeasurement of cash-settled share-based compensation expenses, equity-settled share-based compensation
\nexpenses for group share option schemes, \ufb01nancing, tax, capital investment, depreciation and amortisation.
\n3 Trading (loss)/pro\ufb01t is a non-IFRS measure that refers to adjusted EBITDA adjusted for depreciation, amortisation of software and interest on capitalised lease
\nliabilities. It is considered a useful measure to analyse operational pro\ufb01tability.
\n4 From 1 April 2022, following the separation from OLX Group, the CODM reviewed the \ufb01nancial results of Avito separately. Subsequent to the group\u2019s decision to exit
\nthis Russian business, Avito was presented as a discontinued operation up until the date of disposal. The comparative \ufb01nancial results of Avito, previously presented
\nin the Classi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n5 From 1 March 2023, following the group\u2019s decision to exit the OLX Autos business unit, its operations classi\ufb01ed as held for sale and those that have been closed by
\n31 March 2023 were presented as a discontinued operation. The OLX Autos business unit is a separate major line of business both in terms of the distinct nature of
\nthe business and its contribution to the operational performance of the group. The comparative \ufb01nancial results of these operations previously presented in the
\nClassi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n6 During the year ended 31 March 2022, the group lost signi\ufb01cant in\ufb02uence in VK In November 2022, the group signed an agreement with VK to renounce all VK
\nshares and shareholder rights for no consideration.
\n
\n
\n
\n
\n
\n
\nAdditional disclosure
\nYear ended 31 March 2023
Year ended 31 March 2022
\nReversal of
\nimpairment/
\n(impairment)
\nof assets
\nUS$\u2019m
\nShare of
\nequity-
\naccounted
\nresults
\nUS$\u2019m
\nAverage
\nnumber of
\nemployees
\n1
\nReversal of
\nimpairment/
\n(impairment)
\nof assets
\nUS$\u2019m
\nShare of
\nequity-
\naccounted
\nresults
\nUS$\u2019m
\nAverage
\nnumber of
\nemployees
\n1
\nContinuing operations
\nEcommerce
(1 050)
(1 818)
23 074
143
(522)
18 673
\n\u2013 Classi\ufb01eds
\n2, 3
\n(246)
(182)
4 869
\u2013
(69)
2 953
\n\u2013 Food Delivery
(185)
(1 173)
5 596
390
(148)
4 560
\n\u2013 Payments and Fintech
(3)
(30)
3 512
\u2013
(23)
2 120
\n\u2013 Edtech
(575)
(202)
772
(246)
(155)
509
\n\u2013 Etail
(2)
(2)
7 579
(1)
\u2013
7 402
\n\u2013 Other
(39)
(229)
746
\u2013
(127)
1 129
\nSocial and internet platforms
(1 493)
6 994
(1 459)
9 779
\n\u2013 Tencent
(1 493)
6 994
(1 453)
9 863
\n\u2013 VK
\n4
\n\u2013
\u2013
(6)
(84)
\nCorporate segment
\u2013
\u2013
178
\u2013
\u2013
183
\nTotal reportable segments from
\ncontinuing\u00a0operations
(2 543)
5 176
23 252
(1 316)
9 257
18 856
\nLess:
Equity-accounted investments
\n5
\n1 792
\u2013
\u2013
1 070
\u2013
\nTotal from continuing operations
(751)
5 176
23 252
(246)
9 257
18 856
\nTotal from discontinued operations
\n2, 3
\n(19)
\u2013
\u2013
\u2013
\nTotal
(770)
5 176
23 252
(246)
9 257
18 856
\n1 Includes 387 (2022: 326) employees working in The Netherlands. As at 31 March 2023, the group employed 22 634 (2022: 23 437) permanent employees in its
\nsubsidiaries.
\n2 From 1 April 2022, following the separation from OLX Group, the CODM reviewed the \ufb01nancial results of Avito separately. Subsequent to the group\u2019s decision to exit
\nthis Russian business, Avito was presented as a discontinued operation up until the date of disposal. The comparative \ufb01nancial results of Avito, previously presented
\nin the Classi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n3 From 1 March 2023, following the group\u2019s decision to exit the OLX Autos business unit, its operations classi\ufb01ed as held for sale and those that have been closed by
\n31 March 2023 were presented as a discontinued operation. The OLX Autos business unit is a separate major line of business both in terms of the distinct nature of
\nthe business and its contribution to the operational performance of the group. The comparative \ufb01nancial results of these operations previously presented in the
\nClassi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n4 During the year ended 31 March 2022, the group lost signi\ufb01cant in\ufb02uence in VK. In November 2022, the group signed an agreement with VK to renounce all VK
\nshares and shareholder rights for no consideration.
\n5 All associates and joint ventures\u2019 results are accounted for using the equity method.
\n
\n
\n
\n
Trading pro\ufb01t/(loss) as presented in the segment disclosure is the CODM and management\u2019s key measure of each segment\u2019s
\noperational performance. A reconciliation of the segmental trading pro\ufb01t/(loss) to operating pro\ufb01t/(loss) and pro\ufb01t before tax as
\nreported in the income statement is provided below:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nConsolidated adjusted EBITDA from continuing operations
\n1
\n(668)
(544)
\nDepreciation
(102)
(88)
\nAmortisation of software
(13)
(7)
\nInterest on capitalised lease liabilities
(7)
(5)
\nConsolidated trading loss from continuing operations
\n2
\n(790)
(644)
\nInterest on capitalised lease liabilities
7
5
\nAmortisation of other intangible assets
(75)
(73)
\nOther (losses)/gains \u2013 net
(747)
(169)
\nOther
6
8
\nRetention option expense
(20)
(30)
\nRemeasurement of cash-settled share-based incentive expenses
291
(18)
\nShare-based incentives for share options settled in Naspers Limited shares
\n3
\n(9)
(29)
\nConsolidated operating loss from continuing operations per the income statement
(1 337)
(950)
\nInterest income
476
52
\nInterest expense
(555)
(398)
\nDividend Income
61
\u2013
\nOther \ufb01nance (costs)/income \u2013 net
18
(92)
\nShare of equity-accounted results
5 174
9 257
\nImpairment of equity-accounted investments
(1 742)
(581)
\nDilution gains on equity-accounted investments
(252)
95
\nGains on partial disposal of equity-accounted investments
7 622
12 339
\nNet gains on acquisitions and disposals
54
(1 127)
\nPro\ufb01t before taxation from continuing operations per the income statement
9 519
18 595
\n1 Adjusted EBITDA is a non-IFRS measure that represents operating pro\ufb01t/loss, as adjusted, to exclude: depreciation; amortisation; retention option expenses linked to
\nbusiness combinations; other losses/gains \u2013 net, which includes dividends received from investments, pro\ufb01ts and losses on sale of assets, fair value adjustments of
\n\ufb01nancial instruments, impairment losses, cash-settled share-based compensation expenses deemed to arise from shareholder transactions by virtue of employment;
\nand subsequent fair value remeasurement of cash-settled share-based compensation expenses, equity-settled share-based compensation expenses for group share
\noption schemes as well as those deemed to arise on shareholder transactions (but not excluding share-based payment expenses for which the group has a cash
\ncost on settlement with participants). It is considered a useful measure to analyse operational pro\ufb01tability.
\n2 Trading (loss)/pro\ufb01t is a non-IFRS measure that refers to adjusted EBITDA adjusted for depreciation, amortisation of software and interest on capitalised lease
\nliabilities. It is considered a useful measure to analyse operational pro\ufb01tability.
\n3 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,
\nie they are settled by Naspers.
\n\n
\n
\n
\n
\n
\nGeographical information
\nRevenue from continuing operations is allocated to a country based on the location of users/customers. The group operates in
\nfour main geographical areas:
\nAsia
\u2013 The group\u2019s activities comprise its interests in internet activities based in China, India, Thailand and Singapore.
\nEurope
\u2013 The group\u2019s activities comprise its interest in internet activities based in Central, Eastern and Western Europe.
\nFurthermore, the group generates revenue from services provided by subsidiaries based in the Netherlands.
\nLatin America
\u2013 The group\u2019s activities comprise its interests in internet activities based in Brazil and other Latin American
\ncountries.
\nNorth America
\u2013 The group\u2019s activities comprise its interests in internet activities based in United States of America and other
\ncountries.
\nOther
\u2013 Includes the group\u2019s provision of various products and internet services located mainly in Africa and Australia.
\n31 March 2023
31 March 2022
\nGeographical area
\nExternal
\nconsolidated
\nrevenue
\nUS$\u2019m
\nExternal
\nproportionately
\nconsolidated
\nrevenue
\nUS$\u2019m
\nExternal
\nconsolidated
\nrevenue
\nUS$\u2019m
\nExternal
\nproportionately
\nconsolidated
\nrevenue
\nUS$\u2019m
\nFrom continuing operations
\nAsia
528
23 753
358
26 288
\nEurope
2 833
5 385
2 956
5 288
\nCentral Europe
641
641
736
736
\nEastern Europe
2 130
2 154
2 121
2 663
\nWestern Europe
62
2 590
99
1 889
\nLatin America
2 252
2 354
1 776
1 859
\nNorth America
87
624
65
467
\nOther
65
97
65
66
\nTotal revenue from continuing operations
5 765
32 213
5 220
33 968
\n
\n
\n\n
22.
Earnings per share and equity
\nAccounting policy
\nEarnings per share
\nBasic earnings per share is calculated by dividing the pro\ufb01t attributable to equity holders of the group by the weighted
\naverage ordinary shares outstanding during the \ufb01nancial year, excluding treasury shares.
\nDiluted earnings per share adjust the \ufb01gures used in the determination of basic earnings per share to take into account:
\n\u00bb
The after-income tax e\ufb00ect of interest and other \ufb01nancing costs associated with dilutive potential ordinary shares; and
\n\u00bb
The weighted average number of additional ordinary shares that would have been outstanding assuming the
\nconversion of all dilutive potential ordinary shares.
\nThe group discloses headline earnings per share as determined in accordance with Circular 1/2021, pursuant to the JSE
\nListings Requirements. Headline earnings represent net pro\ufb01t for the year attributable to the group\u2019s equity holders,
\nexcluding certain de\ufb01ned separately identi\ufb01able remeasurements relating to, among others, impairments of tangible
\nassets, intangible assets (including goodwill) and equity-accounted investments, gains and losses on acquisitions and
\ndisposals of investments as well as assets, dilution gains and losses on equity-accounted investments, remeasurement
\ngains and losses on disposal groups classi\ufb01ed as held for sale and remeasurements included in equity-accounted
\nearnings, net of related taxes (both current and deferred) and the related non-controlling interests. These
\nremeasurements are determined in accordance with Circular 1/2021, headline earnings, as issued by the South African
\nInstitute of Chartered Accountants, at the request of the JSE Limited in relation to the calculation of headline earnings
\nand disclosure of a detailed reconciliation of headline earnings to the earnings numbers used in the calculation of basic
\nearnings per share in accordance with the requirements of IAS 33
Earnings per Share
, under the JSE Listings
\nRequirements.
\nBasic headline earnings per share are determined by dividing the headline earnings described above by the weighted
\naverage ordinary shares outstanding during the \ufb01nancial year, excluding treasury shares. Diluted headline earnings per
\nshare are determined by dividing the diluted headline earnings by the weighted average number of additional ordinary
\nshares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
\nIn the event that the number of ordinary or potential ordinary shares outstanding increases as a result of a capitalisation
\nwithout consideration, the calculation of the basic and diluted earnings per share for the comparative period is adjusted
\nretrospectively.
\nShare capital and treasury shares
\nOrdinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares or options are
\nshown in equity as a deduction against share premium.
\nWhere subsidiaries hold Prosus ordinary shares N, the consideration paid to acquire those shares, including attributable
\nincremental costs, is deducted from shareholders\u2019 equity and presented separately as treasury shares. Where such
\nshares are subsequently sold or reissued, the cost of those shares is released, and realised gains or losses are
\nrecorded in equity. In addition, where Prosus holds its own ordinary shares N in issue, such shares are shown as treasury
\nshares until they are cancelled. When these shares are cancelled, they are deducted against share capital and share
\npremium and/or retained earnings on the basis of their par value.
\nThe group presents treasury shares separately in the consolidated statement of changes in equity as well as on the face
\nof the consolidated statement of \ufb01nancial position.
\nProsus share exchange with Naspers shareholders and cross-holding arrangement
\nIn August 2021, the group completed a share exchange o\ufb00er to Naspers shareholders and a distribution agreement
\n(hereafter referred to as the cross-holding agreement) was entered into between Naspers and Prosus, which became
\ne\ufb00ective at the time of closing of the share exchange.
\nThe cross-holding agreement mandates that Prosus waives all rights to all distributions (including dividend \ufb02ows) from its
\nNaspers shares held, other than the portion attributable to the residual interest in the Naspers group (primarily Takealot,
\nMedia24 and corporate entities). Prosus is also restricted from disposing all or any portion of its Naspers shares held
\nwithout the consent of Naspers. In addition, Naspers is obligated to pass on any distributions (including dividends) it
\nreceives from Prosus to its free-\ufb02oat shareholders (as Prosus is subject to the waiver discussed above). Based on this
\narrangement, Prosus is eligible to the economic bene\ufb01ts generated by the Naspers entities outside of the Prosus group.
\nBased on the substance of the transaction, the portion of the e\ufb00ective interest in Naspers that relates to Prosus\u2019
\nunderlying investments is accounted for as a shareholder distribution. This is recognised in equity in the \u2018Existing control
\nbusiness combination reserve\u2019. This portion of the transaction is therefore treated as a transaction with shareholders in
\ncontemplation of a capital restructure. Only Prosus\u2019 residual interest in the Naspers group is recognised as an investment
\nat fair value through other comprehensive income on the consolidated statement of \ufb01nancial position.
\n
\n\n
\n
\n
\n
\n
\nCalculation of headline earnings
\n31 March 2023
\nGross
\nUS$\u2019m
\nTaxation
\nUS$\u2019m
\nNon-
\ncontrolling
\ninterests
\nUS$\u2019m
\nNet
\nUS$\u2019m
\nEarnings from continuing operations
\nBasic earnings attributable to shareholders
9 575
\nImpact of dilutive instruments of subsidiaries, associates and
\njoint\u00a0ventures
(116)
\nDiluted earnings attributable to shareholders
9 459
\nHeadline adjustments for continuing operations
\nAdjustments for:
(8 843)
\u2013
(104)
(8 947)
\nImpairment of other assets
33
\u2013
\u2013
33
\nImpairment of goodwill, PPE and other intangible assets
718
\u2013
(1)
717
\nGains recognised on loss of control
(23)
\u2013
\u2013
(23)
\nLoss on sale of assets
4
\u2013
\u2013
4
\nGains recognised on loss of signi\ufb01cant in\ufb02uence
(30)
\u2013
1
(29)
\nNet gains on acquisitions and disposals of investments
(30)
\u2013
\u2013
(30)
\nGains on partial disposal of equity-accounted investments
(7 622)
\u2013
\u2013
(7 622)
\nDilution losses on equity-accounted investments
252
\u2013
\u2013
252
\nRemeasurements included in equity-accounted earnings
\n1
\n(3 887)
\u2013
(64)
(3 951)
\nImpairment of equity-accounted investments
1 742
\u2013
(40)
1 702
\nBasic headline earnings from continuing operations
\n2
\n628
\nDiluted headline earnings from continuing operations
512
\n1 Remeasurements included in equity-accounted earnings include US$5.9bn (2022: US$6.3bn) relating to gains arising on acquisitions and disposals by associates
\nand US$1.9bn (2022: US$1.1bn) relating to net impairments of assets recognised by associates.
\n2 Headline earnings represent net pro\ufb01t for the year attributable to equity holders of the group, excluding certain de\ufb01ned separately identi\ufb01able remeasurements.
\nThe headline earnings measure is pursuant to the JSE Listings Requirements.
\n
\n
\n\n
31 March 2022
\nGross
\nUS$\u2019m
\nTaxation
\nUS$\u2019m
\nNon-
\ncontrolling
\ninterests
\nUS$\u2019m
\nNet
\nUS$\u2019m
\nEarnings from continuing operations
\nBasic earnings attributable to shareholders
18 681
\nImpact of dilutive instruments of subsidiaries, associates and
\njoint\u00a0ventures
(170)
\nDiluted earnings attributable to shareholders
18 511
\nHeadline adjustments for continuing operations
\nAdjustments for:
(15 660)
\u2013
\u2013
(15 660)
\nImpairment of goodwill and other intangible assets
246
\u2013
\u2013
246
\nLosses recognised on loss of signi\ufb01cant in\ufb02uence
1 112
\u2013
\u2013
1 112
\nNet gains on acquisitions and disposals of investments
(34)
\u2013
\u2013
(34)
\nGains on partial disposal of equity-accounted investments
(12 339)
\u2013
\u2013
(12 339)
\nDilution gains on equity-accounted investments
(95)
\u2013
\u2013
(95)
\nRemeasurements included in equity-accounted earnings
(5 131)
\u2013
\u2013
(5 131)
\nImpairment of equity-accounted investments
581
\u2013
\u2013
581
\nBasic headline earnings from continuing operations
\n1
\n3 021
\nDiluted headline earnings from continuing operations
2 851
\n1 Headline earnings represent net pro\ufb01t for the year attributable to equity holders of the group, excluding certain de\ufb01ned separately identi\ufb01able remeasurements.
\nThe headline earnings measure is pursuant to the JSE Listings Requirements.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nEarnings from discontinued operations
\nBasic earnings attributable to shareholders
537
52
\nDiluted earnings attributable to shareholders
537
52
\nHeadline adjustments for discontinued operations
\n1
\nAdjustments for:
(543)
3
\nLoss on sale of property, plant and equipment and other intangible assets
6
\u2013
\nImpairment of goodwill, intangible assets and other assets
19
\u2013
\nNet (gains)/loss on acquisitions and disposals of investments
(568)
3
\n(6)
55
\nTotal tax e\ufb00ects of adjustments
\u2013
\u2013
\nTotal adjustment for non-controlling interest
6
\u2013
\nBasic headline earnings from discontinued operations
\u2013
55
\nDiluted headline earnings from discontinued operations
\u2013
55
\n1 Headline earnings represent net pro\ufb01t for the year attributable to equity holders of the group, excluding certain de\ufb01ned, separately identi\ufb01able remeasurements.
\nThe headline earnings measure is pursuant to the JSE Listings Requirements.
\n\n
\n
\n
\n
\n
\n
\nThe earnings per share information represents the economic interest per share, taking into account the impact of the cross-
\nholding agreement between Prosus and Naspers, which became e\ufb00ective at the time of the closing of the voluntary share
\nexchange. The cross-holding agreement deals with how distributions by Prosus will be attributed to its ordinary shareholders N.
\nUnder the cross-holding agreement, Naspers has waived its entitlement to any distributions from Prosus for a calculated number
\nof the ordinary shares N it holds in Prosus, as these represent the portion of the Prosus ordinary shares N that Prosus indirectly
\nowns in itself, by virtue of its 52.5% (2022: 49.5%) fully dilutive interest in Naspers. These ordinary shares N (cross-holding ordinary
\nshares N) are excluded from the earnings per share calculation, as they contractually do not have an economic interest in the
\nearnings of the group.
\nThe number of shares in issue used in the earnings per share information is weighted for the period that the shares were in issue
\nand not recognised as treasury shares. Refer to note 5 for the impact of the share repurchase programme.
\nThe ordinary shareholders A and B are entitled to one voting right per share. The ordinary shareholders A are entitled to one \ufb01fth
\nof the economic rights attributable to the Prosus free-\ufb02oat shareholders. The ordinary shareholders B are entitled to one millionth
\nof the economic rights of the Prosus ordinary shares N.
\n31 March
\nNumber of participating ordinary
\nshares N
\nIssued shares
2023
2022
\nNet number of shares in issue at year-end (net of treasury shares)
\n1
\n1 851 020 628
2 003 817 745
\nCross-holding ordinary shares N
(596 444 361)
(584 373 494)
\nNet number of shares at year-end
1 254 576 267
1 419 444 251
\nWeighted average number of ordinary shares
\nIssued net of treasury shares at the beginning of the year
1 419 444 251
1 612 777 577
\nWeighting of share repurchase
(54 343 317)
(21 496 865)
\nWeighting of cross-holding ordinary shares N
(7 733 518)
(365 033 306)
\nWeighting of ordinary shares N issued to Naspers shareholders
280 465 945
\nWeighted average number of shares in issue during the year
\n2
\n1 357 367 416
1 506 713 351
\nAdjusted for e\ufb00ect of future share-based payment transactions
\u2013
\u2013
\nDiluted weighted average number of shares in issue during the year
1 357 367 416
1 506 713 351
\nPer share information from continuing operations for the year (US cents)
\n3
\nEarnings per ordinary share N
705
1 240
\nDiluted earnings per ordinary share N
697
1 229
\nHeadline earnings per ordinary share N
46
201
\nDiluted headline earnings per ordinary share N
38
189
\nDividend paid per ordinary share N (euro cents)
14
14
\nProposed dividend per ordinary share N (euro cents)
14
14
\n1 Includes 448 991 535 ordinary shares N issued to Naspers shareholders in the prior period due to share exchange. The Prosus free-\ufb02oat shareholders hold
\n714\u00a0127\u00a0311 ordinary shares N (2022: 823 567 733) with the remaining 1 136 893 317 ordinary shares N (2022: 1 180 250 012) held by Naspers.
\n2 The number of shares in issue is weighted for the period that the shares were not recognised as treasury shares as a result of the share repurchase programme.
\nRefer to note 5.
\n3 Total earnings per share for ordinary shareholders A amount to 62 US cents (2022: 108 US cents) and ordinary shareholders B amount to nil US cents. Earnings per
\nshare for ordinary shareholders A from continuing operations amount to 59 US cents (2022: 108 US cents) and ordinary shareholders B amount to nil US cents for
\nall\u00a0periods.
\n
\n
\n\n
23.
Share capital and premium
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nAuthorised
\n5 000 000 000 ordinary shares N of \u20ac0.05 each (2022: \u20ac0.05)
\n10 000 000 ordinary shares A1 of \u20ac0.05 each (2022: \u20ac0.05)
\n10 000 ordinary shares A2 of \u20ac50.0 each (2022: \u20ac50.0)
\n3 000 000 000 ordinary shares B of \u20ac0.05 each (2021: \u20ac0.05)
\nIssued
\n2 003 817 745 ordinary shares N (2022: 2 073 643 605)
114
114
\n4 456 650 ordinary shares A1 (2022: 4 456 650)
1
1
\n1 128 507 756 ordinary shares B (2022: 1 128 507 756)
62
62
\n177
177
\nShare premium
39 009
39 013
\n39 186
39 190
\nTreasury shares
(10 043)
(6 411)
\n29 143
32 779
\nEquity compensation plans administered by Naspers group share trusts hold 5 975 966 (2022: 4 543 614) of the ordinary shares
\nN issued.
\nOn 27 June 2022, the group announced the beginning of an open-ended repurchase programme of Prosus ordinary shares N
\nand Naspers N ordinary shares. The accounting for the share repurchase programme takes into consideration the cross-holding
\nagreement between Prosus and Naspers and is implemented in accordance with the applicable laws and regulations as well as
\nthe authority granted by shareholders.
\nVoluntary share exchange transaction
\nIn August 2021, Prosus completed a voluntary share exchange transaction with Naspers shareholders. This o\ufb00ered Naspers
\nshareholders the opportunity to tender their existing Naspers N ordinary shares for newly issued Prosus ordinary shares N.
\nSince the completion of the voluntary share exchange transaction, Prosus\u2019 interest in Naspers is accounted for based on the
\nsubstance of the transaction, taking into consideration the cross-holding agreement between Prosus and Naspers that became
\ne\ufb00ective simultaneously with the closing of the transaction.
\nThe cross-holding agreement mandates that Prosus waives all rights to all distributions (including dividend \ufb02ows) from its Naspers
\nshares held, other than the portion attributable to the residual interest in the Naspers group (primarily Takealot, Media24 and
\ncorporate entities).
\nBased on the substance of this cross-holding agreement, the portion of Prosus\u2019 interest in Naspers attributable to the residual
\ninterest in the Naspers group is recognised as a \ufb01nancial asset at fair value through other comprehensive income (FVOCI). The
\nportion of the interest in Naspers that relates to Prosus\u2019 underlying investments is accounted for as a shareholder distribution. This
\nis recognised in equity in the \u2018Business combination reserve\u2019. This portion of the transaction is therefore treated as a transaction
\nwith shareholders in contemplation of a capital restructure.
\nAs at 31 March 2023, Prosus now holds a 52.5% (2022: 49.5%) fully diluted interest representing a 52.7% (2022: 49.9%) economic
\ninterest in Naspers.
\n\n
\n
\n
\nShare repurchase programme
\nPurchase of Naspers N ordinary shares
\nAs part of the repurchase programme, during the current year, Prosus purchased 4 152 285 Naspers N ordinary shares for a total
\nconsideration of US$626m.
\nThe Naspers N ordinary shares acquired by the group are subject to the cross-holding agreement. The consideration paid for
\nNaspers N ordinary shares representing the increase in Prosus residual interest in Naspers was recognised as a FVOCI
\ninvestment with the remaining portion representing the value of Prosus\u2019 underlying investments being recognised in equity.
\nThe group recognised US$10m of the consideration as a FVOCI investment and the remaining US$616m in \u2018Existing control
\nbusiness combination reserve\u2019 in equity.
\nRepurchase of Prosus ordinary shares N
\nAs part of the repurchase programme, Prosus repurchased 152 797 117 Prosus ordinary shares N for a total consideration of
\nUS$10.0bn, of which US$9.9bn was paid in cash.
\nIn the prior year, Prosus repurchased 57 951 367 Prosus ordinary shares N for a total consideration of US$5.0bn from its free-\ufb02oat
\nshareholders in support of delivering the overall bene\ufb01ts of the Prosus share exchange o\ufb00er to Naspers Limited N ordinary
\nshareholders completed on 16 August 2021.
\nThe Prosus ordinary shares N acquired by the group are classi\ufb01ed as treasury shares. These are recognised in \u2018Treasury shares\u2019
\non the consolidated statement of \ufb01nancial position. The treasury shares were recognised at a cost of US$10.0bn. The group
\nintends to cancel the Prosus shares repurchased in due course once the relevant approvals have been obtained, so as to reduce
\nits issued share capital.
\nTreasury shares
\nThe group holds a total of 152 797 117 ordinary shares N (2022: 69 825 860), or 7.63% (2022: 3.37%), of the gross number of
\nordinary shares N in issue at 31 March 2023 as treasury shares. The group will hold these treasury shares until they are cancelled.
\nFor withholding tax purposes for these shares repurchased, the company \ufb01nancial statements of Prosus N.V. are leading.
\nDuring the current year, the group cancelled 69 825 860 ordinary shares N.
\nVoting and dividend rights
\nThe company\u2019s issued share capital at 31 March 2023 consists of 4 456 650 (2022: 4 456 650) ordinary shares A1, 1 128 507 756
\nordinary shares B (2022: 1 128 507 756) and 2 003 817 745 (2022: 2 073 643 605) ordinary shares N.
\nThe ordinary shares N are listed on the Euronext Amsterdam stock exchange with a secondary listing on the JSE and A2X
\nmarkets, on a poll, carry one vote per share. The ordinary shares A1 and B are not listed on a stock exchange and, on a poll,
\ncarry one vote per share. The ordinary shares A1 automatically convert to ordinary shares A2 carrying 1 000 votes per share, if
\nNaspers makes, or is obliged to make, a \ufb01ling with the Netherlands Authority for the Financial Markets that it ceases to be
\nentitled to exercise at least 50% plus one vote of the total number of voting rights that may be exercised at a general meeting.
\nIn terms of Prosus\u2019 articles of association, ordinary shareholders N are entitled to dividends. The dividends declared to ordinary
\nshareholders A are equal to one \ufb01fth of the dividends to which Prosus\u2019 free-\ufb02oat ordinary shareholders N are entitled. The
\ndividends declared to ordinary shareholders B are equal to one millionth of the dividends to which Prosus\u2019 free-\ufb02oat ordinary
\nshareholders N are entitled.
\nIn respect of all other rights, the ordinary shares A and B rank pari passu with the ordinary shares N of the company.
\nShare capital and share premium
\nRefer to the company \ufb01nancial statements for a reconciliation of group equity to the company\u2019s equity. Signi\ufb01cant di\ufb00erences from
\nthe equity of the company arise from the accounting treatment of the restructuring that occurred upon formation of the Prosus
\ngroup.
\n
\n\n
Unissued share capital
\nThe directors of the company have authority, until the next annual general meeting, to allot and issue the unissued 2 996 182 255
\nordinary shares N, 5 543 350 A1, 10 000 A2 ordinary shares and 1 871 492 244 B ordinary shares of the company. This authority
\nwas granted by the Netherlands Authority for the Financial Markets subject to the provisions of the Dutch Civil Code (
Burgerlijk
\nWetboek
), other applicable Dutch laws and regulations and any other exchange on which the shares of the company may be
\nquoted or listed from time to time.
\n2023
\nNumber of
\nshares N
\n2022
\nNumber of
\nshares N
\nMovement in ordinary shares N in issue during the year
\nOrdinary shares N in issue at 1 April
2 073 643 605
1 624 652 070
\nOrdinary shares cancelled
(69 825 860)
\u2013
\nOrdinary shares N issued as part of the share exchange
\u2013
448 991 535
\nShares in issue at 31 March
2 003 817 745
2 073 643 605
\nMovement in ordinary shares held as treasury shares during the year
\nShares held as treasury shares at 1 April
69 825 860
11 874 493
\nOrdinary shares cancelled
(69 825 860)
\u2013
\nShares acquired under the share repurchase programme
152 797 117
57 951 367
\nShares held as treasury shares at 31 March
152 797 117
69 825 860
\nNet number of ordinary shares in issue at 31 March
1 851 020 628
2 003 817 745
\nCapital management
\nThe group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern so that it can continue
\nto provide adequate returns to shareholders and bene\ufb01ts for other stakeholders by pricing products and services commensurately
\nwith the level of risk.
\nThe group relies upon distributions, including dividends, from its subsidiaries, associates and joint ventures to generate the funds
\nnecessary to meet the obligations and other cash \ufb02ow requirements of the combined group. The operations of the group have
\nhistorically been funded in a number of ways, including both debt and equity \ufb01nancing. Recent acquisitions were primarily funded
\nthrough debt \ufb01nancing. The group\u2019s businesses are beginning to scale and accordingly, they are expected to become cash
\ngenerative and able to sustain their operating capital requirements. The group received US$565m (2022: US$571m) in cash
\ndividends from Tencent during the year.
\nThe group\u2019s general business strategy is to acquire developing businesses and to provide funding to meet the cash needs of
\nthose businesses until they can, within a reasonable period of time, become self-funding. Funding is provided through a
\ncombination of loans and share capital, depending on the country-speci\ufb01c regulatory requirements. From a subsidiary\u2019s
\nperspective, intergroup loan funding is generally considered to be part of the capital structure. The focus on increased pro\ufb01tability
\nand cash \ufb02ow generation will continue into the foreseeable future, although the group will continue to actively evaluate potential
\ngrowth opportunities within its areas of expertise.
\nThe group will also grow its business in the future by making equity investments in growth companies. The group anticipates
\nthat\u00a0it\u00a0may fund future acquisitions and investments through the issue of debt and equity instruments and utilisation of available
\ncash resources.
\n
\n
\n
\n
\nThe group follows a risk-based approach to the determination of the optimal capital structure. The group manages the capital
\nstructure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying
\nassets. In order to maintain or modify the capital structure, the group may adjust the amount of dividends paid to shareholders,
\nreturn capital to shareholders, issue new shares or sell assets to reduce debt.
\nBelow is a summary of the group bonds in issue for the year ended 31 March 2023:
\nCurrency of
\nyear-end
\nbalance
Listing date
\n1
\nYear of
\n\ufb01nal
\nrepayment
\nFixed
\ninterest rate
\nInterest
\npayments
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nUS$
Jul 2015
2025
5.50%
Semi-annual
225
225
\nUS$
Jul 2017
2027
4.85%
Semi-annual
614
614
\nUS$
Jan 2020
2030
3.68%
Semi-annual
1 250
1 250
\nEUR
Aug 2020
2028
1.54%
Annual
921
942
\nEUR
Aug 2020
2032
2.03%
Annual
813
829
\nUS$
Aug 2020
2050
4.03%
Semi-annual
1 000
1 000
\nUS$
Dec 2020
2051
3.83%
Semi-annual
1 500
1 500
\nUS$
Jul 2021
2031
3.06%
Semi-annual
1 850
1 850
\nEUR
Jul 2021
2033
1.99%
Annual
921
940
\nEUR
Jul 2021
2029
1.29%
Annual
1 084
1 108
\nUS$
Jan 2022
2052
4.99%
Semi-annual
1 250
1 250
\nUS$
Jan 2022
2032
4.19%
Semi-annual
1 000
1 000
\nUS$
Jan 2022
2027
3.26%
Semi-annual
1 000
1 000
\nEUR
Jan 2022
2034
2.78%
Annual
705
719
\nEUR
Jan 2022
2030
2.09%
Annual
650
664
\nEUR
Jan 2022
2026
1.21%
Annual
543
553
\n15 326
15 444
\n1 The publicly traded bonds are listed on the Irish Stock Exchange (Euronext Dublin).
\nBonds issued during the year ended 31 March 2022
\nIn January 2022 the group issued US dollar and euro notes in an aggregate principal amount totalling US$5.3bn equivalent under
\nits Global Medium-term Note Programme. These issuances consist of US$1.3bn 4.987% notes due 2052, US$1.0bn 4.193% note
\ndue 2032, US$1.0bn 3.257% note due 2027, \u20ac650m 2.778% notes due 2034, \u20ac600m 2.085% notes due 2030 and \u20ac500m 1.207%
\nnotes due 2026 (the \u2018bonds\u2019).
\nIn July 2021 the group issued US dollar and euro notes in an aggregate principal amount totalling US$4.0bn equivalent under its
\nGlobal Medium-term Note Programme. These issuances consist of US$1.85bn 3.061% notes due 2031, \u20ac1.0bn 1.288% notes due
\n2029 and \u20ac850m 1.985% notes due 2033 (the \u2018bonds\u2019).
\nThe favourable market backdrop enabled Prosus to extend its debt maturity pro\ufb01le as part of a re\ufb01nancing of its existing debt.
\nThe purpose of the o\ufb00erings was to raise proceeds for general corporate purposes, including debt re\ufb01nancing, which took the
\nform of a tender o\ufb00er made in relation to its bonds maturing in 2025 and 2027.
\nPart of the proceeds from the bond issuance was used to partly settle these two bonds. The 2025 bond consisted of US$1.2bn
\n5.5% notes and the 2027 bond consisted of US$1bn 4.85% notes. The early settlement of these bonds consisted of repayments of
\nprincipal, accrued interest and present value of the related future interest coupon payments at date of settlement. The group
\nsettled US$975m bond notes due in 2025 and US$386m bond notes due in 2027 for a total combined consideration of US$1.6bn.
\nThe di\ufb00erence between the market value of the future contractual payments and the carrying value of the note at amortised cost,
\nof US$217m (representing the market value premium) was recognised in \u2018Other \ufb01nance (costs)/income \u2013 net\u2019 in the consolidated
\nincome statement and as part of \u2019Repayments of long- and short-term loans\u2019 in the consolidated cash \ufb02ow statement.
\n\n\nUndrawn revolving credit facility
\nThe group has an undrawn revolving credit facility (RCF) of US$2.5bn of which US$2.4bn matures in March 2028 and US$95m
\nmatures in March 2027 with the option of an extension of one year. The RCF is undrawn and is denominated in US dollar and
\neuro and bears interest at a secured overnight \ufb01nancing rate (SOFR) plus a variable mark-up based on credit rating varying
\nbetween 0.65% and 1.10% (currently 0.80%) before commitment and utilisation fees.
\nThe borrower under the undrawn RCF of US$2.5bn (2022: undrawn balance of US$2.5bn) (refer to the group\u2019s unutilised banking
\nfacilities disclosed in note 40) is Prosus N.V. The borrower is obligated to pay a commitment fee equal to 35% of the applicable
\nmargin under the RCF. The undrawn balance of the RCF is available to fund future investments and development expenditure by
\nthe group.
\nThe group has speci\ufb01c \ufb01nancial covenants in place to govern its RCF, all of which were complied with during the reporting period.
\nThese \ufb01nancial covenants are linked to various \ufb01nancial metrics including the ratio of the group\u2019s debt to the value of its
\ninvestment portfolio.
\nNet interest-bearing debt-to-equity ratio
\nAs of 31 March 2023, the group had total interest-bearing debt (including capitalised lease liabilities) of US$16.1bn (2022:
\nUS$16.1bn) and a cash balance including short-term cash investments of US$16.2bn (2022: US$13.6bn). The net interest-bearing
\ndebt-to-equity ratio was 0% at 31 March 2023 (31 March 2022: positive 5%) due to the group\u2019s cash position and accumulated
\nequity reserves. The group excludes capitalised lease liabilities from total interest-bearing debt when evaluating and managing
\ncapital. These items are considered to be operating in nature. The adjusted total interest-bearing debt (excluding capitalised
\nlease liabilities) was US$15.9bn (2022: US$15.8bn) and the adjusted net interest-bearing debt-to-equity ratio was negative 1% at
\n31 March 2023 (2022: 4%). The group does not have a formal targeted debt-equity ratio.
\nThe group\u2019s listed bonds are rated by Moody\u2019s and Standard & Poor\u2019s (S&P) as Baa3 and BBB and have a stable and positive
\noutlook respectively.
\n24.
Other reserves
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOther reserves in the statement of \ufb01nancial position comprise:
\nForeign currency translation reserve
(1 990)
(358)
\nValuation reserve
(1 929)
65
\nExisting control business combination reserve (BCR)
(45 681)
(43 487)
\nShare-based compensation reserve
3 844
3 223
\n(45 756)
(40 557)
\nForeign currency translation reserve
\nThe foreign currency translation reserve relates to exchange di\ufb00erences arising on the translation of foreign operations\u2019 income
\nstatements and statements of comprehensive income at average exchange rates for the year and their statements of \ufb01nancial
\nposition at the ruling exchange rates at the reporting date if the functional currency di\ufb00ers from the group\u2019s presentation currency.
\nThe movement on the foreign currency translation reserve for the year relates primarily to the e\ufb00ects of foreign exchange rate
\n\ufb02uctuations related to the group\u2019s net investments in its subsidiaries.
\n
\n
\n\n
\nValuation reserve
\nThe valuation reserve relates to fair value changes in \ufb01nancial assets at fair value through other comprehensive income,
\ndi\ufb00erences between the fair value and the contractually stipulated value of shares issued in business combinations and other
\nacquisitions. Furthermore, the valuation reserve includes the group\u2019s share of equity-accounted investees\u2019 revaluations of their
\n\ufb01nancial assets at fair value through other comprehensive income and other changes in net asset value of the equity-accounted
\ninvestees.
\nOther changes in net assets of the associate and joint ventures include changes in their share-based compensation reserve,
\ntransactions with non-controlling shareholders and other direct equity movements. The components of the valuation reserve may
\nsubsequently be reclassi\ufb01ed to pro\ufb01t or loss except for fair value gains or loss relating to the group\u2019s \ufb01nancial assets at fair value
\nthrough other comprehensive income, fair value gains or losses from equity-accounted investments\u2019 \ufb01nancial assets at fair value
\nthrough other comprehensive income and other direct reserve movements of equity-accounted investments.
\nShare-based compensation reserve
\nThe grant date fair value of share incentives issued to employees in equity-settled share-based payment transactions is accounted
\nfor in the share-based compensation reserve over the vesting period, if any. The reserve is adjusted at each reporting period
\nwhen the entity revises its estimates of the number of share incentives that are expected to vest. The impact of revisions of
\noriginal estimates, if any, is recognised in the consolidated income statement, with a corresponding adjustment to this reserve in
\nequity. Upon settlement of share based compensation bene\ufb01ts, the reserve is reclassi\ufb01ed to retained earnings.
\nA signi\ufb01cant proportion of the group\u2019s foreign currency translation, valuation and share-based compensation reserves relates to
\nthe group\u2019s interests in its equity-accounted investments, particularly Tencent.
\nExisting control business combination reserve
\nThe existing control business combination reserve is used to account for transactions with non-controlling shareholders, written put
\noption liabilities and the capital restructure related to the voluntary share exchange transaction. For transactions with non-
\ncontrolling shareholders, the excess of the cost of the transactions over the acquirer\u2019s proportionate share of the net asset value
\nacquired/sold is allocated to this reserve in equity. Written put option liabilities and other obligations that may require the group
\nto purchase its own equity instruments by delivering cash or another \ufb01nancial asset are also initially recognised from this reserve.
\nSimilarly, written put option liabilities and other similar obligations are reclassi\ufb01ed to this reserve in the event of cancellation or
\nexpiry. As part of the voluntary exchange transaction, Prosus obtained an interest in Naspers. Based on the substance of the
\ntransaction, the portion of the interest in Naspers that relates to Prosus\u2019 underlying investments is accounted for as a shareholder
\ndistribution. This portion is recognised in this reserve. It represents a transaction with shareholders in contemplation of a capital
\nrestructure.
\nBelow is a summary of the group\u2019s signi\ufb01cant transactions with non-controlling shareholders during the year:
\n31 March 2023
31 March 2022
\nShareholding
\nacquired/
\n(disposed)
\n%
\nPurchase
\nprice
\nUS$\u2019m
\nBCR
\nUS$\u2019m
\nShareholding
\nacquired/
\n(disposed)
\n%
\nPurchase
\nprice
\nUS$\u2019m
\nBCR
\nUS$\u2019m
\niFood.com (iFood)
\n1
\n33.33%
1 626
(1 562)
\u2013
\u2013
\u2013
\nRed Dot Payment Pte Ltd
22.45%
17
(17)
\u2013
\u2013
\u2013
\nCarsmile S.A
34.40%
14
(14)
\u2013
\u2013
\u2013
\nDante International Kft (eMAG)
0.51%
9
(9)
\u2013
\u2013
\u2013
\nMovile Mobile Commerce Holdings S.L.
\u2013
\u2013
\u2013
0.68%
43
(4)
\nFrontier Car Group Inc.
\u2013
\u2013
\u2013
9.30%
61
(59)
\nZoop S.A.
\u2013
\u2013
\u2013
20.12%
24
(32)
\n1 666
(1 602)
128
(95)
\n1 Purchase price for this transaction includes the fair value of the contingent consideration on the date of the transaction. Refer to note 5.
\n
\n
\n
25.
Retained earnings
\nThe board recommends that, in total, shareholders receive a distribution (in the form of a capital repayment for holders of
\nordinary shares N and a dividend for holders of ordinary shares B and ordinary shares A1) of approximately \u20ac175m, which
\ncurrently represents an increase of approximately 7% for free-\ufb02oat shareholders. Holders of ordinary shares B and ordinary
\nshares A1 will receive an amount per share equal to their economic entitlement as set out in the articles of association.
\nFurthermore, the board recommends that those holders of ordinary shares N as at 3 November 2023 (the dividend record date)
\nwho do not wish to receive a capital repayment, can choose to receive a dividend instead. A choice for one option implies an
\nopt-out from the other. If con\ufb01rmed by shareholders at the annual general meeting on 23 August 2023, elections to receive a
\ndividend instead of a capital repayment will need to be made by holders of ordinary shares N by 20 November 2023. More
\ninformation regarding the distribution will be published in the notice of annual general meeting.
\nCapital repayments and dividends will be payable to shareholders recorded in our books on the dividend record date and paid
\non 28 November 2023. Capital repayments will be paid from qualifying share capital for Dutch tax purposes. No dividend
\nwithholding tax will be withheld on the amounts of capital reductions paid to shareholders. However, if holders of ordinary
\nshares\u00a0N rather elect to receive a dividend from retained earnings, dividends will be subject to the Dutch dividend withholding
\ntax\u00a0rate of 15%.
\nDividends payable to holders of ordinary shares N who elect to receive a dividend and who hold their listed ordinary shares N
\nthrough the listing of the company on the JSE will, in addition to the 15% Dutch dividend withholding tax, be subject to South
\nAfrican dividend tax at a rate of up to 20%. The amount of additional South African dividend tax will be calculated by deducting
\nfrom the 20%, a rebate equal to the Dutch dividend tax paid in respect of the dividend (without right of recovery). Shareholders
\nholding their listed ordinary shares N through the listing of the company on the JSE, unless exempt from paying South African
\ndividend tax or entitled to a reduced withholding tax rate in terms of an applicable tax treaty, will be subject to a maximum of
\n20% South African dividend tax.
\n
\n
\n
\n
Financial assets
\nAccounting policy
\nClassi\ufb01cation, initial recognition and measurement
\nFinancial assets are initially recognised when the group becomes a party to the contractual provisions of the instrument.
\nOn initial recognition, \ufb01nancial assets are classi\ufb01ed as \ufb01nancial assets measured at amortised cost, fair value through
\nother comprehensive income or fair value through pro\ufb01t or loss. The classi\ufb01cation is based on the objectives of the
\nbusiness model within which the \ufb01nancial asset is held and the characteristics of its contractual cash \ufb02ows.
\nThe group assesses the objective of the business model in which a \ufb01nancial asset is held based on all relevant
\nevidence that is available at the date of assessment including how the performance of the \ufb01nancial asset is evaluated
\nand reported to management and the risks a\ufb00ecting the performance of the \ufb01nancial asset as well as how those risks
\nare managed.
\nIn evaluating the contractual cash \ufb02ows of a \ufb01nancial asset, the group considers its contractual terms, including
\nassessing whether the \ufb01nancial asset is subject to contractual terms that change (or could potentially change) the timing
\nor amount of associated future cash \ufb02ows.
\nA \ufb01nancial asset is measured at amortised cost if it is held within a business model whose objective is to hold assets to
\ncollect contractual cash \ufb02ows and its contractual cash \ufb02ows represent solely payments of principal and interest on the
\namount outstanding. In making this assessment, the group considers the e\ufb00ect of terms (including conversion,
\nprepayment and extension features) that may a\ufb00ect the timing and/or amounts of cash \ufb02ows.
\nFinancial assets classi\ufb01ed as at amortised cost include trade, \ufb01nancing and other receivables, related party receivables
\nand cash and cash equivalents.
\nAll \ufb01nancial assets not classi\ufb01ed as at amortised cost or at fair value through other comprehensive income are
\nmeasured at fair value through pro\ufb01t or loss. This includes derivative \ufb01nancial assets other than those forming part of
\ne\ufb00ective hedging relationships to which hedge accounting is applied. A \ufb01nancial asset is classi\ufb01ed in this category at
\ninitial recognition if it is acquired principally for the purpose of selling in the short term, if it forms part of a portfolio of
\n\ufb01nancial assets in which there is evidence of short-term pro\ufb01t-making, or if it is designated in this category to eliminate
\nor signi\ufb01cantly reduce an accounting mismatch that would otherwise arise.
\nPurchases and sales of \ufb01nancial assets are recognised on the trade date, which is the date that the group commits to
\npurchase or sell the asset. Financial assets (excluding trade receivables that are not subject to a signi\ufb01cant \ufb01nancing
\ncomponent) are initially measured at fair value plus, for an instrument not at fair value through pro\ufb01t or loss, transaction
\ncosts directly attributable to its acquisition or issue. Trade receivables that are not subject to signi\ufb01cant \ufb01nancing
\ncomponents are initially measured at the relevant transaction prices.
\nFinancial assets are presented as non-current assets, except for those with maturities within 12 months from the
\nstatement of \ufb01nancial position date, which are classi\ufb01ed as current assets.
\nOn initial recognition of an equity investment that is not held for trading, the group may irrevocably elect to present
\nsubsequent changes in the fair value of such investments in other comprehensive income. This election is made on an
\ninvestment-by-investment basis. These investments are classi\ufb01ed as \ufb01nancial assets at fair value through other
\ncomprehensive income. The group has classi\ufb01ed all equity investments that do not represent investments in subsidiaries,
\nassociates or joint ventures in this category.
\nSubsequent measurement
\nAmortised cost \ufb01nancial assets are subsequently measured using the e\ufb00ective interest method, reduced by relevant
\nimpairment allowances. Interest income, foreign exchange gains and losses and impairment losses on amortised cost
\n\ufb01nancial assets are recognised in the consolidated income statement.
\nChanges in the fair value of equity investments classi\ufb01ed as \ufb01nancial assets at fair value through other comprehensive
\nincome are recognised in the consolidated statement of other comprehensive income and are accumulated in the
\nvaluation reserve in the consolidated statement of changes in equity.
\nDividends received on equity investments at fair value through other comprehensive income are recognised in the
\nconsolidated income statement. On derecognition of \ufb01nancial assets at fair value through other comprehensive income,
\nfair value changes accumulated in the valuation reserve are transferred to retained earnings.
\nFinancial assets at fair value through pro\ufb01t or loss are subsequently carried at fair value with changes in fair value
\nincluded in \u2018Other (losses)/gains \u2013 net\u2019 in the consolidated income statement.
\n\n\n
\n
\n
Refer to note 41 for the group\u2019s fair value measurement methodology regarding \ufb01nancial assets.
\nFinancial assets are derecognised when the rights to receive cash \ufb02ows from the \ufb01nancial assets have expired or where
\nthey have been transferred and the group has also transferred substantially all risks and rewards of ownership.
\nFinancial assets are o\ufb00set and the net amount reported in the consolidated statement of \ufb01nancial position when there is
\na legally enforceable right to o\ufb00set the recognised amounts and there is an intention to realise the asset and settle a
\nrelated \ufb01nancial liability simultaneously.
\nImpairment
\nThe group recognises expected credit losses (impairment allowances) on \ufb01nancial assets measured at amortised cost
\nand accrued income balances. The group assesses, on a forward-looking basis, the impairment allowances associated
\nwith these \ufb01nancial assets and makes use of provision matrices relevant to its various operations in establishing
\nimpairment allowances, speci\ufb01cally for trade receivables.
\nFor trade and other receivables, including accrued income balances, the group measures impairment allowances at an
\namount equal to the lifetime expected credit losses on these \ufb01nancial assets. Lifetime expected credit losses are those
\nlosses that result from all possible default events over the expected life of the \ufb01nancial instrument.
\nFor \ufb01nancing receivables, related party and other loans and receivables, the impairment loss allowance is based on a
\ngeneral expected credit loss model. The measurement of the impairment loss allowance on these loans and receivables
\nis based on the assessment of whether there has been a signi\ufb01cant increase in credit risk.
\nThe group considers a \ufb01nancial asset to be in default when the borrower is unlikely to pay its credit obligations in full or
\nthe outstanding amount exceeds its contractual payment terms.
\nAt each reporting date, the group assesses whether \ufb01nancial assets at amortised cost and/or accrued income balances
\nare credit impaired. Financial assets are considered credit impaired when one or more events that have a detrimental
\nimpact on expected future cash \ufb02ows have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes, but is
\nnot\u00a0limited to, signi\ufb01cant \ufb01nancial di\ufb03culty experienced by the borrower, a breach of contract such as defaulting on
\ncontractually due repayments or the probability of the borrower entering bankruptcy.
\nImpairment allowances for \ufb01nancial assets measured at amortised cost and accrued income balances are recognised
\nin the consolidated income statement in an impairment allowance account. The gross carrying amount of the \ufb01nancial
\nassets is reduced by the impairment loss allowance and is written o\ufb00 when the group has no reasonable expectation of
\nrecovering the \ufb01nancial asset in its entirety or a portion thereof.
\nRefer to note 40 for further details regarding the group\u2019s credit risk management.
\n
\n
\n
26.
Cash and cash equivalents
\nAccounting policy
\nCash and cash equivalents are carried in the consolidated statement of \ufb01nancial position at amortised cost (other than
\nmoney market funds) which equals the cost or face value of the asset. Cash comprise cash on hand and deposits held
\nat call with banks. Certain cash balances are restricted from immediate use according to terms with banks or other
\n\ufb01nancial institutions. For purposes of the consolidated statement of cash \ufb02ows, cash and cash equivalents are presented
\nnet of bank overdrafts.
\nCash equivalents include money market funds at fair value through pro\ufb01t or loss. These funds have a maturity of three
\nmonths or less, are highly liquid and include cash \ufb02ows which are not solely payments of principal and interest as well
\nas subject to insigni\ufb01cant changes in value.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCash at bank and on hand
1 136
1 383
\nShort-term bank deposits
\n1
\n8 429
8 263
\nBank overdrafts
(28)
(18)
\n9 537
9 628
\nRestricted cash
\nThe following cash balances are restricted from immediate use:
\nClassi\ufb01eds
29
104
\nPayments and Fintech
455
339
\nEtail
41
27
\nOther ecommerce
3
44
\nTotal restricted cash
528
514
\n1 Included in short-term bank deposits is an amount of US$447m (2022: US$928m) which represents money market funds held with major banking groups and
\nhigh-quality institutions that have AAA money market fund credit ratings from internationally recognised rating agencies.
\nRestricted cash is included in cash and cash equivalents due to the fact that it mostly relates to cash held on behalf of customers.
\n27.
Short-term investments
\nAccounting policy
\nShort-term investments are cash investments with maturities of more than three months from the date of acquisition. On
\ninitial recognition, short-term investments are recognised at fair value plus directly attributable transaction costs and are
\nsubsequently measured at amortised cost.
\nThe carrying values of short-term investments as at 31 March are shown below.
\nWeighted
\naverage
\ninterest rate
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nDeposits and money market investments
4.90%
6 602
3 921
\nAccrued interest income
124
3
\n6 726
3 924
\nThe deposits and money market investments of US$6.6bn (2022: US$3.9bn) are mostly denominated in US dollar.
\nThe above investments have maturity dates (from the date of acquisition) of between three and 12 months and have accordingly
\nnot been disclosed as part of cash and cash equivalents.
\n\n
\n
\n
Short-term investments are classi\ufb01ed as \ufb01nancial assets at amortised cost. Due to their short-term nature, the carrying values of
\nthese investments are considered to be a reasonable approximation of their fair values. None of the group\u2019s short-term
\ninvestments were past due or subject to signi\ufb01cant impairment allowances as at 31 March 2023.
\nMost short-term investments are held in the same currency as the respective entity\u2019s functional currency. However, there are
\ncertain money markets investments held in foreign currency by entities with US dollar functional currencies which give rise to
\nforeign currency risk. Due to the nature of short-term investments, there is an insigni\ufb01cant exposure to price risk.
\nRefer to note 40 for further information regarding the credit risk and foreign currency risk of short-term investments.
\n28.
Other investments
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nInvestments at fair value through other comprehensive income
7 528
5 918
\nInvestments at fair value through pro\ufb01t or loss
34
63
\nInvestments at amortised cost
8
\u2013
\nTotal other investments
7 570
5 981
\nCurrent portion of other investments
(4 707)
\u2013
\nInvestments at fair value through other comprehensive income
(4 707)
\u2013
\nNon-current portion of other investments
2 863
5 981
\nReconciliation of investments at fair value through other comprehensive income
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening balance
5 918
4 122
\nFair value adjustments recognised in OCI
(158)
(1 210)
\nPurchases/additional contributions
\n1
\n4 724
5 646
\nLoss of signi\ufb01cant in\ufb02uence of investments in associate
830
26
\nDisposals
\n2
\n(3 775)
(45)
\nImpact of the share repurchase programme and share exchange
\n3, 4
\n10
(2 665)
\nForeign currency translation e\ufb00ects
(21)
44
\nClosing balance
7 528
5 918
\n1 Signi\ufb01cant movement in the current year relates to the Meituan dividend in specie received from Tencent. The prior year related to the acquisition of Naspers shares
\nprior to the share exchange transaction and the JD.com dividend in specie received from Tencent. Refer to note 6.
\n2 The signi\ufb01cant movement in the current year relates to the disposal of the JD.com investment. Refer to note 6.
\n3 The current period includes the movement in the residual interest in Naspers group as a result of the purchase of Naspers shares.
\n4 Signi\ufb01cant movement in prior year relates to the share exchange transaction in August 2021.
\n\n
\n
\n
Signi\ufb01cant equity investments at fair value through other comprehensive income
\nSigni\ufb01cant equity investments at fair value through other comprehensive income include the following:
\n31 March
\nFair value
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nListed investments
\nJD.com
\n1
\n\u2013
3 940
\nTrip.com Group Limited
1 130
694
\nSinch AB
\n2
\n\u2013
105
\nMeituan
\n3
\n4 707
\u2013
\nUdemy
\n4
\n151
\u2013
\nDoorDash Inc.
\n5
\n51
\u2013
\nOther
5
26
\n6 044
4 765
\nUnlisted investments
\nBYJU'S
\n4
\n493
\u2013
\nResidual interest in the Naspers group
\n6
\n206
385
\nGoStudent
160
226
\nUrbanclap Technologies
84
84
\nCreditas Financial Solutions Limited
62
62
\nOda Norway AS
\n4
\n45
\u2013
\nPantera Venture Funds
41
26
\nWayFlyer
43
25
\nPrimrose Hill (ZestMoney)
\u2013
38
\nMensa Brand Technologies (Mensa Brands)
27
25
\nSandbox
13
33
\nSpotdraft
\n7
\n24
\u2013
\nStockbit
22
13
\nWolt Enterprises Oy
\n5
\n\u2013
70
\nOther
264
166
\n1 484
1 153
\nTotal other investments
7 528
5 918
\n1 The group obtained its interest in JD.com as a dividend in specie declared from Tencent. The group disposed of this investment in the current year. Refer to note 6.
\n2 The group disposed of this investment in the current year.
\n3 The group obtained its interest in Meituan as a dividend in specie declared from Tencent. Refer to note 6.
\n4 The group lost signi\ufb01cant in\ufb02uence during the current year due to the loss of board representation.
\n5 The group exchanged its investment in Wolt for an investment in DoorDash Inc.
\n6 The group recognised a residual interest in the Naspers group as a result of the share exchange transaction in prior year. Refer to note 5.
\n7 The group acquired this investment during the current year.
\nFair value gains or losses on investments held at fair value through other comprehensive income are not reclassi\ufb01ed to the
\nconsolidated income statement. These investments are not held for trading.
\n\n
\n\n
29.
Trade and \ufb01nancing receivables
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCarrying value
\nTrade and \ufb01nancing receivable, gross
729
489
\nTrade receivable, gross
276
235
\nFinancing receivable, gross
\n1
\n453
254
\nLess:
Allowance for impairment of trade receivables
(70)
(28)
\n659
461
\nLess:
non-current portion of trade and \ufb01nancing receivables
\n1
\n(133)
(91)
\nCurrent portion of trade and \ufb01nancing receivables
526
370
\nThe movement in the allowance for impairment of trade and \ufb01nancing receivables during the
\nyear was as\u00a0follows:
\nOpening balance
(28)
(28)
\nAdditional allowances charged to the income statement
(58)
(22)
\nAllowances reversed through the income statement
14
16
\nAllowances utilised
\u2013
6
\nTransferred to assets classi\ufb01ed as held for sale
1
\u2013
\nForeign currency translation e\ufb00ects
1
\u2013
\nClosing balance
(70)
(28)
\n1 Financing receivables relate to the group\u2019s credit business. The credit business provides \ufb01nancing for goods sold and credit o\ufb00erings provided. The non-current
\nportion relates to the \ufb01nancing receivables for the credit business.
\nThe group\u2019s maximum exposure to credit risk at the reporting date is the carrying value of the trade and \ufb01nancing receivables
\nmentioned above. The group does not hold any form of collateral as security relating to trade receivables. Refer to note 40 for the
\ngroup\u2019s credit risk management.
\nAt 31 March 2023 and 2022, the total allowance for impairment of trade and \ufb01nancing receivables comprised both portfolio
\nallowances and speci\ufb01c allowances. The majority of the allowance related to a portfolio allowance, which cannot be identi\ufb01ed
\nwith speci\ufb01c receivables. The portfolios are based on the nature of the receivables, the revenue stream and geographic region.
\nThe group recognises an allowance for expected credit losses for its trade and \ufb01nancing receivables. The expected credit loss
\nassessment incorporates historical and forward-looking information, taking into account all reasonable and supportable
\ninformation about the likelihood that counterparties would breach their agreed payment terms and any deterioration of their
\ncredit ratings. Where relevant, additional expected credit losses were accounted for when deemed necessary. The increase in the
\nexpected credit losses in the current year relate primarily to the trade and \ufb01nancing receivables of the OLX Autos business as a
\nresult of the decision to exit the business. The OLX Autos trade and \ufb01nancing receivables included above relate to the operations
\nwhose exit process has not been \ufb01nalised as at 31 March 2023 and are presented as continuing operations. Overall, the
\nexpected credit loss allowance did not have a material impact on the group\u2019s trade receivables for the year ended
\n31\u00a0March\u00a02023 and 31 March 2022.
\nThe ageing of trade and \ufb01nancing receivables as well as the amount of the impairment allowance per age class is presented below:
\nTrade receivables
\n31 March 2023
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nImpairment
\nUS$\u2019m
\nExpected
\nloss rate
\n(%)
\nCarrying
\nvalue
\nUS$\u2019m
\nImpairment
\nUS$\u2019m
\nExpected
\nloss rate
\n(%)
\nCurrent
198
(1)
1
145
(1)
1
\nPast due 30 to 59 days
30
(4)
13
51
(3)
6
\nPast due 60 to 89 days
11
(1)
9
5
(1)
20
\nPast due 90 to 119 days
4
(1)
25
5
(1)
20
\nPast due 120 days and older
33
(21)
64
29
(13)
45
\n276
(28)
235
(19)
\n
\n
\n
\n
Financing receivables
\n31 March 2023
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\n12- month
\nExpected
\ncredit
\nloss
\nUS$\u2019m
\nExpected
\nloss rate
\n(%)
\nCarrying
\nvalue
\nUS$\u2019m
\n12-month
\nexpected
\ncredit
\nloss
\nUS$\u2019m
\nExpected
\nloss rate
\n(%)
\nCurrent
408
(17)
4
237
(1)
\u2013
\nPast due 30 to 59 days
13
(4)
31
2
(1)
50
\nPast due 60 to 89 days
9
(4)
44
1
\u2013
\u2013
\nPast due 90 to 119 days
10
(6)
60
1
\u2013
\u2013
\nPast due 120 days and older
13
(11)
85
13
(7)
54
\n453
(42)
254
(9)
\nFinancial liabilities
\nAccounting policy
\nFinancial liabilities are recognised when the group becomes party to the contractual provisions of the relevant
\ninstrument. The group classi\ufb01es \ufb01nancial liabilities at amortised cost or at fair value through pro\ufb01t or loss.
\nOther \ufb01nancial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. Interest
\nexpense and foreign exchange gains and losses on these \ufb01nancial liabilities are recognised in the consolidated income
\nstatement. Other \ufb01nancial liabilities comprise primarily trade and other payables, borrowings and written put option
\nliabilities. These \ufb01nancial liabilities are initially recognised at fair value, net of transaction costs.
\nWritten put option liabilities represent contracts that impose (or may potentially impose) an obligation on the group to
\npurchase its own equity instruments (including the shares of a subsidiary) for cash or another \ufb01nancial asset. Written put
\noption liabilities are initially raised from the \u2018Existing control business combination reserve\u2019 in equity at the present value
\nof the expected redemption amount payable. Simultaneously, the group may still recognise non-controlling interest where
\nthe risks and rewards of ownership are not deemed to have been transferred to the group on initial recognition of the
\nwritten put option liability. Subsequent revisions to the expected redemption amount payable as well as the unwinding of
\nthe discount related to the measurement of the present value of the written put option liability, are recognised in \u2018Existing
\ncontrol business combination reserve\u2019 in equity. Where a written put option liability expires unexercised or is cancelled,
\nthe carrying value of the \ufb01nancial liability is derecognised through the \u2018Existing control business combination reserve\u2019 in
\nequity.
\nWritten put options that provide the group with the discretion to settle its obligations in the group\u2019s own equity
\ninstruments (including the shares of a subsidiary) are also accounted for as outlined above. Written put option liabilities
\nare presented within \u2018Other non-current liabilities and other current liabilities\u2019 in the consolidated statement of \ufb01nancial
\nposition. Written put option liabilities that are linked to a committed employment period are accounted for as share-
\nbased compensation bene\ufb01ts. The expected redemption amounts payable for these written put options is dependent on
\nthe completion of an employment service period (refer to share-based compensation accounting policy).
\nFinancial liabilities are presented as current liabilities if payment is due or could be demanded within 12 months (or in
\nthe normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
\nFinancial liabilities are o\ufb00set and the net amount reported in the consolidated statement of \ufb01nancial position when there
\nis a legally enforceable right to o\ufb00set the recognised amounts and there is an intention to settle on a net basis.
\nFinancial liabilities are derecognised when the contractual obligation is discharged, cancelled or when it expires.
\n\n
\n
\n
30.
Long-term liabilities
\n31 March 2023
31 March 2022
\nLong-term
\nliabilities
\nUS$\u2019m
\nCurrent
\nportion
\nUS$\u2019m
\nTotal
\nliabilities
\nUS$\u2019m
\nLong-term
\nliabilities
\nUS$\u2019m
\nCurrent
\nportion
\nUS$\u2019m
\nTotal
\nliabilities
\nUS$\u2019m
\nInterest-bearing
15 746
379
16 125
15 811
281
16 092
\nCapitalised lease liabilities
150
54
204
200
63
263
\nLoans and other liabilities
15 596
325
15 921
15 611
218
15 829
\nNon-interest-bearing
22
88
110
50
31
81
\nLoans and other liabilities
22
88
110
50
31
81
\nTotal liabilities
15 768
467
16 235
15 861
312
16 173
\nInterest-bearing: Capitalised lease liabilities
\nType of lease
\nCurrency of
\nyear-end
\nbalance
\nYear of \ufb01nal
\nrepayment
\nWeighted
\naverage
\ninterest
\nrate
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nBuildings
Various
2023 \u2013 2037
1.28% \u2013 9.22%
167
226
\nComputers, furniture and o\ufb03ce equipment
Various
2023 \u2013 2027
2.90% \u2013 8.85%
16
21
\nVehicles
Various
2023 \u2013 2029
1.50% \u2013 6.32%
21
16
\nTotal capitalised lease liabilities
204
263
\nMaturity pro\ufb01le
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nMinimum instalments
\nPayable within year one
58
65
\nPayable within year two
50
68
\nPayable within year three
37
45
\nPayable within year four
31
38
\nPayable within year \ufb01ve
18
30
\nPayable after year \ufb01ve
29
41
\n223
287
\nFuture \ufb01nance costs on capitalised lease liabilities
(19)
(24)
\nPresent value of capitalised lease liabilities
204
263
\nPresent value
\nPayable within year one
54
63
\nPayable within year two
46
64
\nPayable within year three
33
41
\nPayable within year four
27
33
\nPayable within year \ufb01ve
16
26
\nPayable after year \ufb01ve
28
36
\nPresent value of capitalised lease liabilities
204
263
\n
\n
\n
\n
Interest-bearing: Loans and other liabilities
\nAsset
\nsecured
\nCurrency of
\nyear-end
\nbalance
\nYear of
\n\ufb01nal
\nrepayment
\nWeighted
\naverage
\nyear-end
\ninterest
\nrate
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nUnsecured
\n1
\nPublicly traded bond
US$
2025
5.50%
225
225
\nPublicly traded bond
EUR
2026
1.21%
543
553
\nPublicly traded bond
US$
2027
4.85%
614
614
\nPublicly traded bond
US$
2027
3.26%
1 000
1 000
\nPublicly traded bond
EUR
2029
1.29%
1 084
1 107
\nPublicly traded note
\n2
\nEUR
2028
1.54%
921
941
\nPublicly traded bond
US$
2030
3.68%
1 250
1 250
\nPublicly traded bond
EUR
2030
2.09%
650
664
\nPublicly traded bond
US$
2031
3.06%
1 850
1 850
\nPublicly traded bond
US$
2032
4.19%
1 000
1 000
\nPublicly traded note
\n3
\nEUR
2032
2.03%
813
830
\nPublicly traded bond
EUR
2033
1.99%
921
941
\nPublicly traded bond
EUR
2034
2.78%
705
719
\nPublicly traded bond
US$
2050
4.03%
1 000
1 000
\nPublicly traded bond
US$
2051
3.83%
1 500
1 500
\nPublicly traded bond
US$
2052
4.99%
1 250
1 250
\nVarious institutions
Various
Various
Various
77
19
\nSecured
\n4
\nSyndicated facility
Debtors
\nbook
\nINR
2023 \u2013
\n2025
\n3.55% \u2013
\n11.35%
\n190
\u2013
\nFondo de Inversion Activa
CLP
2024
10.5%
55
40
\nExim Bank S.A. and Rai\ufb00eisen Bank
\n5
\nEUR
2028
EURIBOR
\n1M + 1.41%
\n30
41
\nExim Bank S.A.
EUR
2029
EURIBOR
\n1M + 1.6%
\n17
14
\nRai\ufb00eisen Bank
Building
EUR
2031
EURIBOR
\n3M + 1.6%
\n45
30
\nVarious institutions
Various
Various
Various
130
193
\nTotal facilities
15 870
15 781
\nUnamortised loan costs
(87)
(93)
\nPremium on euro bonds
\n2, 3
\n14
17
\nAccrued interest
124
124
\n15 921
15 829
\n1 The publicly traded bonds are listed on the Irish Stock Exchange (Euronext Dublin). Refer to note 23.
\n2 The bond maturing in 2028 was issued in two tranches. The second tranche was issued at an issue price of 102.381% (plus \u20ac1.9m representing 127-days accrued
\ninterest in respect of the period from, and including, 3 August 2020), resulting in a premium of \u20ac8.3m which is included in the fair value of the bond at initial
\nrecognition and is subsequently released over the term of the bond.
\n3 The bond maturing in 2032 was issued in two tranches. The second tranche was issued at an issue price of 103.020% (plus \u20ac1.8m representing 127-days accrued
\ninterest in respect of the period from, and including, 3 August 2020), resulting in a premium of \u20ac7.6m which is included in the fair value of the bond at initial
\nrecognition and is subsequently released over the term of the bond.
\n4 Refer to note 43 for details of the group\u2019s assets pledged as collateral.
\n5 The loan is a joint facility between Exim Bank and Rai\ufb00eisen Bank.
\n
\n
\n\n
Non-interest-bearing: Loans and other liabilities
\nLoans
\nAsset
\nsecured
\nCurrency of
\nyear-end
\nbalance
\nYear of
\n\ufb01nal
\nrepayment
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nUnsecured
\nEarn-out obligations
Various
Conditional
109
20
\nPreference shares liability
BRL
2023
\u2013
61
\nOther
Various
Various
1
\u2013
\n110
81
\nTotal long-term liabilities
\nRepayment terms of long-term liabilities
\n(excluding capitalised lease liabilities)
\nPayable within year one
460
266
\nPayable within year two
90
104
\nPayable within year three
870
16
\nPayable within year four
1 015
792
\nPayable within year \ufb01ve
630
1 012
\nPayable after year \ufb01ve
13 039
13 796
\n16 104
15 986
\nPremium on euro bonds
14
17
\nUnamortised loan costs
(87)
(93)
\n16 031
15 910
\nInterest rate pro\ufb01le of long-term liabilities
\n(long and short-term portion, including capitalised
\nlease liabilities)
\nLiabilities at \ufb01xed rates: one to 12 months
379
157
\nLiabilities at \ufb01xed rates: more than 12 months
15 543
15 801
\nInterest-free loans
110
81
\nLiabilities linked to variable rates
203
134
\n16 235
16 173
\n
\n
\n
\n
Reconciliation of liabilities arising from \ufb01nancing activities
\n31 March 2023
\nCapitalised
\nlease
\nliabilities
\nUS$\u2019m
\nInterest-
\nbearing
\nliabilities
\nUS$\u2019m
\nNon-interest-
\nbearing
\nliabilities
\nUS$\u2019m
\nBalance at 1 April 2022
263
15 829
81
\nAdditional earn-outs recognised
\u2013
\u2013
88
\nAdditional liabilities recognised
118
102
2
\nAdditional working capital liabilities recognised
\u2013
169
\u2013
\nSettlement of preference share liability
\u2013
\u2013
(61)
\nRepayments of capital portion of leases and long and short-term loans
(51)
(55)
(1)
\nRepayments of interest on capitalised lease liabilities
(11)
\u2013
\u2013
\nInterest accrued
11
469
\u2013
\nInterest paid
\u2013
(469)
\u2013
\nAcquisition of subsidiary
\u2013
(2)
\u2013
\nAmortisation of transaction costs
(1)
7
\u2013
\nForeign exchange translation
(23)
(128)
6
\nTransfer to held for sale
(100)
\u2013
\u2013
\nOther
(2)
(1)
(5)
\nBalance at 31 March 2023
204
15 921
110
\nLess:
Current portion
(54)
(325)
(88)
\nNon-current liabilities
150
15 596
22
\n31 March 2022
\nCapitalised
\nlease
\nliabilities
\nUS$\u2019m
\nInterest-
\nbearing
\nliabilities
\nUS$\u2019m
\nNon-interest-
\nbearing
\nliabilities
\nUS$\u2019m
\nBalance at 1 April 2021
227
7 970
66
\nAdditional liabilities recognised
82
9 549
15
\nRepayments of capital portion of leases and long and short-term loans
\n1
\n(51)
(1 402)
\u2013
\nRepayment of interest on capitalised lease liabilities
(10)
\u2013
\u2013
\nInterest accrued
10
331
\u2013
\nInterest paid
\u2013
(287)
\u2013
\nAcquisition of subsidiary
10
\u2013
\u2013
\nDisposal of subsidiary
(1)
\u2013
\u2013
\nAmortisation of transaction costs
\u2013
8
\u2013
\nCapitalisation of transaction costs
\u2013
(52)
\u2013
\nForeign exchange translation
(4)
(288)
\u2013
\nBalance at 31 March 2022
263
15 829
81
\nLess:
Current portion
(63)
(218)
(31)
\nNon-current liabilities
200
15 611
50
\n1 Repayment of long and short-term loans in the consolidated statement of cash \ufb02ows includes US$217m relating to the early settlement of bonds. This was included
\nin other \ufb01nance cost on the consolidated income statement.
\n
\n\n\n31.
Other non-current liabilities
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nWritten put option liabilities
\n1
\n899
1 158
\nPost-employment liabilities
\u2013
2
\nDeferred income
9
16
\nTotal other liabilities
908
1 176
\nLess:
Current portion of other liabilities
(773)
(1 014)
\nNon-current portion of other liabilities
135
162
\n1 Relates to put options written over the non-controlling interests in the group\u2019s Dante International S.A. (eMAG), Extreme Digital Hungary (eMAG Hungary), Movile
\nInternet Movel S.A., PaySense Private Limited, GoodHabitz and various other smaller ecommerce units.
\nDuring the year, the group recognised an aggregate gain on the remeasurement of written put option liabilities of US$168m
\n(2022: US$236m). The movement in the written put option liability in the current year is predominantly due to the cancellation of
\nwritten put option liabilities, changes in the non-controlling interests ownership of the subsidiaries and a decrease in the
\nenterprise values used to determine the expected redemption amount payable. Enterprise values decreased due to the current
\ndownturn in the macroeconomic environment. In the prior year the remeasurement was predominantly due to a decline in the
\ngroup\u2019s ecommerce subsidiaries enterprise values used to determine the expected redemption amount payable.
\nThe maturity pro\ufb01le of the group\u2019s written put option liabilities is detailed in the table below and re\ufb02ects the \ufb01rst date on which
\nthe respective written put options can be contractually exercised:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nExercisable within one year
773
1 014
\nExercisable after two to \ufb01ve years
126
144
\nTotal other liabilities
899
1 158
\nThe group has the contractual discretion to settle all written put option obligations either in cash, Naspers N or Prosus ordinary
\nshares N.
\nThe majority of the group\u2019s written put option liabilities are exercisable when non-controlling shareholders exercise their put option
\nright during the exercisable period, request an initial public o\ufb00ering (IPO) of the relevant group subsidiary and the IPO is either
\ndeclined by the group or is ultimately unsuccessful.
\nSensitivity analysis
\nThe measurement of written put option liabilities is based on the value of the underlying businesses, calculated either through
\na\u00a0discounted cash \ufb02ow analysis or through transaction prices observed in orderly transactions. Accordingly, the measurement of
\nwritten put option liabilities is subject to signi\ufb01cant estimation uncertainty. At 31 March 2023, 98% (2022: 84%) of the total balance
\nof written put option liabilities have been measured using discounted cash \ufb02ow analyses based on the relevant group subsidiary
\n10-year budgeted cash \ufb02ow and forecasts. The valuations were determined using the same inputs and methodology used in the
\nvalue in use calculations for the goodwill impairment assessment. Refer to note 7.
\n
\n
\n
\n
The following analysis illustrates the sensitivity of written put option liabilities to reasonable changes in the most signi\ufb01cant
\nunderlying variables used in their measurement:
\n31 March
\nIncrease/(decrease) in written put option liabilities and loss/(gain) in equity
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\n1% increase in the discount rate and a 1% decrease in the terminal growth rate
(28)
(99)
\n1% decrease in the discount rate and a 1% increase the terminal growth rate
91
275
\nOther assumptions contained in the discounted cash \ufb02ow analyses as at 31 March 2023 used by the group when valuing written
\nput option liabilities vary widely between obligations due to the group\u2019s diverse range of business models and are closely linked
\nto entity-speci\ufb01c key performance indicators taking into account the impact of the shift to online ecommerce platforms, the
\nbroader market expectations in the technology industry in which the entities operate and the 10-year performance projections
\nused for the entities.
\nMovements during the year on the group\u2019s written put option liabilities are detailed below. Cash \ufb02ows arising from the settlement
\nof written put option liabilities are presented as part of \ufb01nancing activities in the consolidated statement of cash \ufb02ows.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening balance
1 158
1 267
\nAdditional obligations raised
7
157
\nRemeasurements recognised in equity
(168)
(236)
\nSettlements
(18)
\u2013
\nExpirations and cancellations
(41)
(81)
\nForeign currency translation e\ufb00ects
(39)
51
\nClosing balance
899
1 158
\n\n\n
\n
\n
32.
Property, plant and equipment
\nAccounting policy
\nProperty, plant and equipment comprises owned and leased assets.
\nProperty, plant and equipment are stated at cost, being the purchase cost plus costs to prepare the assets for their
\nintended use, less accumulated depreciation and accumulated impairment losses. Cost includes transfers from equity of
\ngains/losses on qualifying cash \ufb02ow hedges relating to foreign currency property, plant and equipment acquisitions.
\nProperty, plant and equipment, with the exception of land, are depreciated in equal annual amounts over each asset\u2019s
\nestimated useful life to their residual values. Land is not depreciated as it is deemed to have an inde\ufb01nite life.
\nDepreciation periods vary in accordance with the conditions in the relevant industries, but are subject to the following
\nrange of useful lives:
\nClass of asset
Owned
Leased
\nBuildings
5 to 50 years
2 to 10 years
\nComputer equipment
2 to 3 years
2 to 3 years
\nManufacturing equipment
2 to 12 years
2 to 4 years
\nImprovements to buildings
2 to 12 years
3 to 5 years
\nO\ufb03ce equipment, furniture and \ufb01ttings
2 to 12 years
2 to 4 years
\nVehicles
2 to 5 years
2 to 5 years
\nWhere parts of property, plant and equipment require replacement at regular intervals, the carrying value of an item of
\nproperty, plant and equipment includes the cost of replacing the part when that cost is incurred, if it is probable that
\nfuture economic bene\ufb01ts will \ufb02ow to the group and the cost can be reliably measured. The carrying values of the parts
\nreplaced are derecognised on capitalisation of the cost of the replacement part. Each component of an item of
\nproperty, plant and equipment with a cost that is signi\ufb01cant in relation to the total cost of the item is depreciated
\nseparately where it has an estimated useful life that di\ufb00ers from that of the item as a whole.
\nMajor leasehold improvements are amortised over the shorter of the respective lease terms and estimated useful lives.
\nSubsequent costs, including major renovations, are included in an asset\u2019s carrying value or recognised as a separate
\nasset, as appropriate, only when it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the
\ngroup and the cost of the item can be measured reliably. Repairs and maintenance are charged to the consolidated
\nincome statement.
\nThe residual values and useful lives of property, plant and equipment are reviewed, and adjusted if appropriate, at each
\nstatement of \ufb01nancial position date. Gains and losses on disposals are determined by comparing the proceeds to the
\nasset\u2019s carrying value and are recognised in \u2018Other (losses)/gains \u2013 net\u2019 in the consolidated income statement.
\nWork in progress are assets still in the construction phase and not yet available for use. These assets are carried at cost
\nand are not depreciated. Depreciation commences once the assets are available for use as intended by management.
\nBorrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalised as part of the
\ncost of those assets. All other borrowing costs are expensed as incurred. A qualifying asset is an asset that takes more
\nthan a year to get ready for its intended use.
\nLeased assets
\nAt inception of a contract, the group assesses whether a contract is or contains a lease. A contract is, or contains a
\nlease if it conveys a right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. The
\ngroup\u2019s leasing arrangements relate primarily to o\ufb03ce buildings, warehouse space, equipment and vehicles. Lease
\nagreements are generally entered into for \ufb01xed periods of between two and 10 years, depending on the nature of the
\nunderlying asset being leased.
\n
\n
\n
\n
Lessee accounting
\nThe group recognises all leases (with limited exceptions) as right-of-use assets and obligations to make lease payments
\n(lease liabilities) from the lease commencement date.
\nThe right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment. The cost includes
\nthe initial amount of the respective lease liability adjusted for lease payments made before the commencement date of
\nthe lease, plus initial direct costs incurred and estimated costs to dismantle or destroy the underlying asset, less lease
\nincentives received, where applicable. The right-of-use asset is subsequently depreciated using the straight-line method
\nover the earlier of the useful life of the underlying asset or the period of the lease term. In addition, the right-of-use asset
\nis reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments, discounted using the interest
\nrate\u00a0implicit in the lease and where that rate cannot be readily determined the group entity uses the incremental
\nborrowing rate.
\nThis is the rate of interest that the group entity would have to pay to borrow the funds necessary to obtain an asset of
\na\u00a0similar value to the respective right-of-use asset in a similar economic environment.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u00bb
\ufb01xed payments;
\n\u00bb
variable lease payments that depend on an index or rate;
\n\u00bb
amounts expected to be payable under residual value guarantees;
\n\u00bb
amounts in an optional renewal lease period if the group is reasonably certain to exercise an extension option;
\n\u00bb
the exercise price of a purchase option that the group is reasonably certain to exercise; and
\n\u00bb
penalties for early termination of the lease, unless the group is reasonably certain not to terminate the lease early.
\nThe lease liability is measured at amortised cost using the e\ufb00ective interest rate method. It is remeasured where there
\nis\u00a0a change in future lease payments, a change in the group\u2019s estimate of amounts expected to be payable under a
\nresidual value guarantee or if the group changes its assessment of whether it will exercise a purchase, extension or
\ntermination option.
\nWhen the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
\nasset, or is recognised in the consolidated income statement if the carrying amount of the right-of-use asset has been
\nreduced to zero.
\nThe group presents right-of-use assets in \u2018Property, plant and equipment\u2019 and capitalised lease liabilities in \u2018Long-term
\nliabilities\u2019 in the consolidated statement of \ufb01nancial position.
\nThe group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease
\nterm of 12\u00a0months or less and leases of low-value assets. The group recognises the lease payments associated with
\nthese leases as an expense on a straight-line basis over the lease term.
\nThe group has applied the \u2018integrally linked\u2019 approach in respect of the tax consequences of lease contracts. At
\ninception of a lease and on the transition date no deferred taxes are recognised as no temporary di\ufb00erences arise
\nbetween the tax base and carrying amount of the net lease asset or liability (without taking into account advance
\npayments). Subsequent to initial recognition, deferred taxes are recognised when temporary di\ufb00erences arise.
\nImpairment of property, plant and equipment and other intangible assets
\nItems of property, plant and equipment and other intangible assets (with \ufb01nite useful lives) are reviewed for indicators of
\nimpairment at least annually. Indicators of impairment include, but are not limited to: signi\ufb01cant underperformance
\nrelative to expectations based on historical or projected future operating results, signi\ufb01cant changes in the manner of
\nuse of the assets or the strategy for the group\u2019s overall business and signi\ufb01cant negative industry or economic trends.
\nProperty, plant and equipment and other intangible assets still in the development phase, and not yet available for use
\n(work in progress), are tested for impairment on an annual basis. An impairment loss is recognised in \u2018Other (losses)/
\ngains \u2013 net\u2019 in the consolidated income statement when the carrying amount of an asset exceeds its
\nrecoverable\u00a0amount.
\nValue in use is the present value of estimated future cash \ufb02ows expected to arise from the continuing use of an asset
\nand from its disposal at the end of its useful life. The estimated future cash \ufb02ows are discounted to their present value
\nusing a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to
\nthe asset.
\nFair value less costs of disposal is the price that would be received to sell an asset in an orderly transaction between
\nmarket participants at the measurement date less the incremental costs directly attributable to the disposal of an asset
\nor cash-generating unit, excluding \ufb01nance costs and income tax expense.
\nFor the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
\nidenti\ufb01able cash \ufb02ows that are largely independent of the cash in\ufb02ows of other assets or groups of assets (a cash-
\ngenerating-unit level).
\nAn impairment loss recognised for an asset in prior years is reversed if there has been a change in the estimates used
\nto determine the asset\u2019s recoverable amount since the last impairment loss was recognised and the revised recoverable
\namount exceeds the carrying amount. The reversal of such an impairment loss is recognised in \u2018Other (losses)/gains \u2013
\nnet\u2019 in the consolidated income statement.
\nf
\n
\n
\n
Land and
\nbuildings
\nUS$\u2019m
\nComputers
\nand o\ufb03ce
\nequipment
\nUS$\u2019m
\nFurniture
\nand \ufb01ttings
\nUS$\u2019m
\nOther
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\n1 April 2022
\nCost
536
197
107
30
870
\nAccumulated depreciation and impairment
(163)
(82)
(37)
(10)
(292)
\nCarrying value at 1 April 2022
373
115
70
20
578
\nForeign currency translation e\ufb00ects
17
1
3
\u2013
21
\nTransferred to assets classi\ufb01ed as held for\u00a0sale
\n1, 2
\n(110)
(43)
(15)
(1)
(169)
\nAcquisitions of assets
64
54
25
2
145
\nAcquisitions of right-of-use assets
96
7
5
11
119
\nDisposals/scrappings
(14)
(3)
(8)
(4)
(29)
\nImpairment
\n3
\n(7)
(4)
(2)
(1)
(14)
\nDepreciation
\n4
\n(68)
(31)
(11)
(7)
(117)
\n31 March 2023
\nCost
511
174
105
33
823
\nAccumulated depreciation and impairment
(160)
(78)
(38)
(13)
(289)
\nCarrying value at 31 March 2023
351
96
67
20
534
\nWork in progress at 31 March 2023
86
\nTotal carrying value at 31 March 2023
620
\n1 Includes US$11m foreign currency translation gains related primarily to Avito that was classi\ufb01ed to held for sale prior to its disposal in October 2022.
\n2 This relates to Avito which was classi\ufb01ed as held for sale in May 2022 prior to its disposal in October 2022 as well as the OLX Autos disposal group classi\ufb01ed as
\nheld for sale in March 2023. Refer to note 5.
\n3 Includes impairment of US$11m related to the OLX Autos business unit.
\n4 Includes depreciation of US$15m related to Avito and the OLX Autos business unit prior to the classi\ufb01cation as held for sale.
\nLand and
\nbuildings
\nUS$\u2019m
\nComputers
\nand o\ufb03ce
\nequipment
\nUS$\u2019m
\nFurniture
\nand \ufb01ttings
\nUS$\u2019m
\nOther
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\n1 April 2021
\nCost
388
112
65
21
586
\nAccumulated depreciation and impairment
(105)
(50)
(29)
(7)
(191)
\nCarrying value at 1 April 2021
283
62
36
14
395
\nForeign currency translation e\ufb00ects
(16)
(5)
2
(2)
(21)
\nAcquisitions of subsidiaries and businesses
10
5
\u2013
1
16
\nDisposals of subsidiaries and businesses
(1)
(1)
\u2013
\u2013
(2)
\nAcquisitions of assets
89
73
46
3
211
\nAcquisitions of right-of-use assets
82
13
\u2013
11
106
\nDisposals/scrappings
(8)
\u2013
(2)
(1)
(11)
\nDepreciation
\n1
\n(66)
(32)
(12)
(6)
(116)
\n31 March 2022
\nCost
536
197
107
30
870
\nAccumulated depreciation and impairment
(163)
(82)
(37)
(10)
(292)
\nCarrying value at 31 March 2022
373
115
70
20
578
\nWork in progress at 31 March 2022
26
\nTotal carrying value at 31 March 2022
604
\n1 Includes depreciation of US$29m that was reclassi\ufb01ed to discontinued operations. Refer to note 5.
\nThe carrying value of work in progress mainly comprises buildings and equipment.
\n\n
\n
\n
The group recognised US$14m (2022: US$nil) impairment losses on property, plant and equipment. No impairment losses (2022:
\nUS$nil) were recognised within work in progress. US$14m (2022: US$nil) of the impairment losses have been included in \u2018Other
\n(losses)/gains \u2013 net\u2019 in the consolidated income statement.
\nThe carrying values and depreciation of right-of-use assets included in property, plant and equipment are as follows:
\n31 March 2023
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nDepreciation
\ncharge for
\nthe year
\nUS$\u2019m
\nCarrying
\nvalue
\nUS$\u2019m
\nDepreciation
\ncharge for
\nthe year
\nUS$\u2019m
\nVehicles
17
(5)
16
(5)
\nBuildings
156
(56)
203
(55)
\nComputers, furniture and o\ufb03ce equipment
22
(7)
21
(6)
\n195
(68)
240
(66)
\nIncluded in the acquisition of property, plant and equipment is an amount of US$119m (2022: US$109m) relating to leased assets,
\nwhich are non-cash in nature. Refer to note 43 for details of the group\u2019s assets pledged as collateral.
\nThe group\u2019s leases do not impose covenants, but leased assets may not be used as security for borrowing purposes.
\n33.
Other intangible assets
\nAccounting policy
\nIntangible assets acquired are capitalised at cost. Intangible assets with \ufb01nite useful lives are amortised using the
\nstraight-line method over their estimated useful lives. Residual values of intangible assets are presumed to be zero and
\nalong with their useful lives are reassessed on an annual basis.
\nAmortisation periods for intangible assets with \ufb01nite useful lives vary in accordance with the conditions in the relevant
\nindustries, but are subject to the following maximum limits:
\nClass of asset
Useful life
\nPatents
5 years
\nTitle rights
10 years
\nBrand names and trademarks
25 years
\nSoftware
10 years
\nIntellectual property rights
10 years
\nCustomer-related assets
11 years
\nNo value is attributed to internally developed trademarks or similar rights and assets. The costs incurred to develop
\nthese items are charged to the consolidated income statement as incurred.
\nCosts that are directly associated with the production of identi\ufb01able and unique software products controlled by the group,
\nand which will probably generate economic bene\ufb01ts exceeding costs beyond one year, are recognised as intangible
\nassets. Direct costs include the software development team\u2019s employee costs and an appropriate portion of relevant
\noverheads. All other costs associated with developing or maintaining software programs are expensed as incurred.
\nWeb and application (app) development costs are capitalised as intangible assets if it is probable that the expected
\nfuture economic bene\ufb01ts attributable to the asset will \ufb02ow to the group and its cost can be measured reliably, otherwise
\nthese costs are expensed as incurred.
\nResearch expenditure is expensed as incurred. Costs incurred on development projects (relating to the design and
\ntesting of new or improved products) are recognised as intangible assets if the costs can be measured reliably, the
\nproducts or processes are technically and commercially feasible, future economic bene\ufb01ts are probable, and the group
\nintends to and has su\ufb03cient resources to complete development and to use or sell the asset. Development costs that do
\nnot meet these criteria are expensed as incurred.
\nWork in progress are assets still in the development phase and not yet available for use. These assets are carried at
\ncost and are not amortised but are tested for impairment at each reporting date. Amortisation commences once the
\nassets are available for use as intended by management.
\nImpairment of other intangible assets
\nRefer to note 32 for details on the accounting policy on the impairment of other intangible assets.
\n\n
\n\nCustomer-
\nrelated
\nassets
\nUS$\u2019m
\nBrand
\nnames
\nUS$\u2019m
\nSoftware
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\n1 April 2022
\nCost
633
689
250
1 572
\nAccumulated amortisation and impairment
(240)
(306)
(111)
(657)
\nCarrying value at 1 April 2022
393
383
139
915
\nForeign currency translation e\ufb00ects
64
66
(1)
129
\nAcquisitions of subsidiaries and businesses
1
\u2013
4
5
\nDisposals of subsidiaries and businesses
\u2013
(2)
\u2013
(2)
\nAcquisitions
2
\u2013
12
14
\nTransfers from work in progress
\u2013
\u2013
15
15
\nTransferred to assets classi\ufb01ed as held for sale
\n1, 2
\n(269)
(266)
(46)
(581)
\nImpairment
\n3
\n(22)
(3)
(15)
(40)
\nAmortisation
\n4
\n(36)
(17)
(46)
(99)
\nCost
297
263
208
768
\nAccumulated amortisation and impairment
(164)
(102)
(146)
(412)
\nCarrying value at 31 March 2023
133
161
62
356
\nWork in progress at 31 March 2023
11
\nTotal carrying value at 31 March 2023
367
\n1 Includes US$39m foreign currency translation gains related primarily to Avito that was classi\ufb01ed to held for sale prior to its disposal in October 2022.
\n2 This relates to Avito which was classi\ufb01ed as held for sale in May 2022 prior to its disposal in October 2022 as well as the OLX Autos disposal group classi\ufb01ed as
\nheld for sale in March 2023. Refer to note 36.
\n3 Includes impairment of US$37m related to the OLX Autos business unit. Refer to note 5.
\n4 Includes amortisation of US$11m related to Avito and the OLX Autos business unit prior to the classi\ufb01cation as held for sale.
\nCustomer-
\nrelated
\nassets
\nUS$\u2019m
\nBrand
\nnames
\nUS$\u2019m
\nSoftware
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\n1 April 2021
\nCost
574
624
181
1 379
\nAccumulated amortisation and impairment
(212)
(314)
(75)
(601)
\nCarrying value at 1 April 2021
362
310
106
778
\nForeign currency translation e\ufb00ects
(25)
(22)
5
(42)
\nAcquisitions of subsidiaries and businesses
103
145
61
309
\nDisposals of subsidiaries and businesses
(7)
(7)
(2)
(16)
\nAcquisitions
10
1
5
16
\nTransfer from work in progress
1
\u2013
8
9
\nDisposals
\u2013
(1)
(1)
(2)
\nAmortisation
\n1
\n(51)
(43)
(43)
(137)
\nCost
633
689
250
1 572
\nAccumulated amortisation and impairment
(240)
(306)
(111)
(657)
\nCarrying value at 31 March 2022
393
383
139
915
\nWork in progress at 31 March 2022
13
\nTotal carrying value at 31 March 2022
928
\n1 Includes amortisation of US$58m that was reclassi\ufb01ed to discontinued operations. Refer to note 5.
\nThe group recognised no impairment losses on other intangible assets (2022: US$nil).
\n
\n
\n
34.
Inventory
\nAccounting policy
\nInventory is stated at the lower of cost and net realisable value. The cost of inventory is determined on a \ufb01rst-in-\ufb01rst-out
\nbasis (FIFO) and on an exceptional basis the weighted-average method.
\nThe cost of \ufb01nished products and work in progress comprises raw materials, direct labour, other direct costs and related
\nproduction overheads, but excludes \ufb01nance costs. Costs of inventories include the transfer from other comprehensive
\nincome of gains/losses on qualifying cash \ufb02ow hedges relating to foreign currency-denominated inventory purchases.
\nNet realisable value is the estimate of the selling price, less the costs of completion and selling expenses. Net realisable
\nvalue includes allowances made for obsolete, unusable and unsaleable inventory and for latent damage \ufb01rst revealed
\nwhen inventory items are taken into use or o\ufb00ered for sale.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCarrying value
\nFinished products, trading inventory and consumables, gross
349
484
\nLess:
Allowance for slow-moving and obsolete inventories
(25)
(14)
\nNet inventory
324
470
\nThe total allowance charged to the consolidated income statement to write inventory down to net realisable value amounted to
\nUS$17m (2022: US$7m), and reversals of these allowances amounted to US$3m (2022: US$1m). Net realisable value writedowns
\nrelate primarily to inventory within the Classi\ufb01eds and Etail segments.
\nInventories are measured at the lower of cost and net realisable value. In determining the appropriate level of inventory
\nwritedowns, changes in the ageing of inventory and consumer behaviour were considered. Overall, the inventory writedown
\nduring the year ended 31 March 2023 did not have a signi\ufb01cant impact on the group\u2019s \ufb01nancial results.
\n35.
Other receivables
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nPrepayments
158
191
\nAccrued income
\n1, 7
\n65
46
\nSta\ufb00 debtors
\n7
\n3
1
\nVAT and related taxes receivable
100
147
\nMerchant and bank receivables
\n2, 7
\n346
342
\nSundry deposits
6
17
\nInterest receivable on cross-currency interest rate swap
\n7
\n\u2013
2
\nDisposal proceeds receivable
\n3, 7
\n118
21
\nService provider receivable
\n7
\n\u2013
4
\nLoan receivable
\n4, 7
\n22
20
\nOther receivables
\n6, 7
\n54
23
\nTotal other receivables
872
814
\nLess:
Non-current portion of other receivables
\n5
\n(43)
(41)
\nCurrent portion of other receivables
829
773
\n1 Relates to revenue from contracts with customers. Refer to note 13 for movements in accrued income balances.
\n2 Merchant and bank receivables are presented net of an allowance for expected impairment (credit) losses of US$4m (2022: US$4m). Refer to note 40 for details of
\nthe group\u2019s credit risk management policy.
\n3 The current year includes proceeds receivable from the sale of Tencent shares. Refer to note 6.
\n4 Loan receivables are presented net of an allowance for expected impairment (credit) losses of US$nil (2022: US$7m).
\n5 Relates to non-current prepaid rental deposits, loan receivables and employment- linked prepayments.
\n6 Includes \ufb01nancial assets of US$48m (2022: US$23m).
\n7 These items are classi\ufb01ed as \ufb01nancial assets.
\n\n
\n
\nt
36.
Disposal groups classi\ufb01ed as held for sale
\nAccounting policy
\nNon-current assets and liabilities (disposal groups) are classi\ufb01ed as held for sale and presented as current assets and
\nliabilities in the consolidated statement of \ufb01nancial position, when their carrying values will be recovered principally
\nthrough a sale transaction and when such sale is considered highly probable. The assets and liabilities of disposal
\ngroups held for sale are stated at the lower of carrying value and fair value less costs of disposal. From the date on
\nwhich disposal groups are classi\ufb01ed as held for sale, the group applies the measurement provisions of IFRS 5
Non-
\ncurrent Assets Held for Sale and Discontinued Operations,
which includes, among other requirements, the cessation of
\nthe recognition of depreciation and amortisation.
\nIn September 2022, the assets and liabilities of the group\u2019s subsidiary Zoop Tecnologia e Meios de Pagamento S.A. (Zoop) were
\nclassi\ufb01ed as held for sale following the decision to sell the investment. The group is in negotiations with potential buyers.
\nIn March 2023, the group announced the decision to exit the OLX Autos business unit. The disposal group that is classi\ufb01ed as
\nheld for sale consists of assets and liabilities of the operations that management has committed to a plan to sell. E\ufb00orts to sell
\nthe disposal group are in progress and is expected in the 2024 \ufb01nancial year.
\nThe assets and liabilities classi\ufb01ed as held for sale are detailed in the table below:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nAssets
649
38
\nProperty, plant and equipment
26
\u2013
\nGoodwill
302
\u2013
\nOther intangible assets
29
\u2013
\nInvestments in associates
\u2013
38
\nInventory
32
\u2013
\nDeferred taxation assets
2
\u2013
\nTrade and other receivables
164
\u2013
\nCash and cash equivalents
\n1
\n94
\u2013
\nLiabilities
276
\u2013
\nDerivative \ufb01nancial instruments
1
\u2013
\nDeferred taxation liabilities
13
\u2013
\nLong-term liabilities
29
\u2013
\nProvisions
2
\u2013
\nTrade payables
165
\u2013
\nAccrued expenses and other current liabilities
66
\u2013
\n1 Included in cash and cash equivalents is US$45m relating to restricted cash from Zoop.
\n
\n
\n
\n
37.
Equity-compensation bene\ufb01ts
\nAccounting policy
\nThe Naspers group grants share options, performance stock units (PSUs) and restricted stock units (RSUs) through the
\nvarious trusts consolidated by the Naspers group and therefore not within the Prosus group, and Prosus grants share
\nappreciation rights (SARs) and share options settled in the shares of the underlying entity within the Prosus group.
\nThe equity-compensation plans are granted to employees of the group. The group recognises an employee bene\ufb01t
\nexpense in the consolidated income statement, representing the fair value of share options, PSUs and RSUs granted. A
\ncorresponding entry to equity is raised for equity-settled plans. For SARs and other cash-settled share option schemes
\nthe group recognises an employee bene\ufb01t expense in the consolidated income statement at fair value of the amount
\npayable to employees over the vesting period during which the employees become entitled to payment. A
\ncorresponding entry to liabilities is raised for these cash-settled plans.
\nThe fair value of the options, PSUs and RSUs at the date of grant under equity-settled plans is charged to the
\nconsolidated income statement over the relevant vesting periods, adjusted to re\ufb02ect actual and expected levels of
\nvesting. For cash-settled plans, the group remeasures the fair value of the recognised liability at each reporting date
\nand at the date of settlement, with changes in fair value recognised in the consolidated income statement.
\nA share option, PSU or RSU scheme is considered equity settled when the transaction is settled through equity
\ninstruments of Prosus N.V. or any of its other subsidiaries or where the group has no obligation to settle awards with
\nparticipants. SARs and other option schemes are considered cash-settled when there is an obligation to settle in cash or
\nany other asset.
\nFunding for PSU and RSU share schemes are recognised as contributions to Naspers group share trusts in equity and
\nare accounted for separately from the equity-compensation plans.
\nOn the \ufb01nal vesting date of equity-settled plans, the group transfers the accumulated balance relating to vested share
\noptions, PSUs and RSUs from the share-based compensation reserve to retained earnings.
\nAll awards are granted subject to the completion of a requisite service (vesting) period by employees, ranging from one
\nyear to \ufb01ve years. Unvested awards are subject to forfeiture on termination of employment. Generally, vesting takes
\nplace in tranches depending on the duration of the total vesting period.
\nAll share options and SARs are granted with an exercise price of not less than 100% of the market value or fair value of
\nthe respective company\u2019s shares on the date of the grant. RSUs/PSUs are granted with an exercise price of zero.
\n\n
\n
\n
Naspers group share trusts
\nThe Naspers group share trusts hold Naspers shares and Prosus shares (as shareholders) to settle Naspers share
\noptions, RSUs and PSUs held by employees of the Naspers and Prosus group. These share trusts were founded by
\nNaspers and Prosus to administer the Naspers group share schemes for all employees. These share trusts are controlled
\nby Naspers and not Prosus because the Naspers board (the board) approves the granting of the equity-compensation
\nplans and therefore controls the relevant activities of the trusts. Accordingly, Prosus cannot make decisions over these
\nequity-compensation plans unilaterally and has no obligation to settle these plans. On the listing of Prosus, these trusts
\nreceived either Naspers or Prosus shares (the shares), as selected by the trustees, via the capitalisation issue of Naspers
\nN ordinary shares that converted into Prosus ordinary shares N on the listing date. These shares are linked to the
\nrespective Naspers shares and, accordingly, on settlement of the awards, employees will receive the Naspers shares as
\nstipulated on grant date and the linked Prosus/Naspers shares granted upon listing of the group. There was no
\nadjustment to the original strike price. For these share schemes, the settlement is in Naspers shares with linked Prosus
\nshares as a result of\u00a0listing.
\nIn September 2020, the Naspers board approved the establishment of the Prosus RSU share scheme administered by
\nthe new Prosus RSU trust. Similar to the other share trusts, the board controls the operational activity of both the Naspers
\nand Prosus group and via the remuneration committee approves the share scheme rules and the granting of awards.
\nThe settlement of this share scheme will be in Prosus shares and have been granted to both Naspers and Prosus group
\nemployees. Naspers, as the ultimate parent has the ultimate decision-making power regarding equity-compensation
\nbene\ufb01t plans and number of shares granted. These decision-making rights have not been speci\ufb01cally ceded to Prosus.
\nAccordingly, all share trusts discussed above (including the Prosus RSU share trust) are controlled and consolidated by
\nNaspers because the trust\u2019s relevant activities are governed by the remuneration committee as mandated by the board
\nand are used to administer the share schemes of the Naspers group as a whole. In addition, Naspers being the ultimate
\nparent of the group controls the decisions of the trusts.
\nClassi\ufb01cation of equity-compensation plans for the Prosus group
\nProsus group entities issue share options and SARs to employees of the group. Certain of the share option plans are
\nsettled in equity instruments of subsidiaries of the Prosus group and are classi\ufb01ed as equity settled. All of the SARs and
\nthe remaining share option plans are settled by the Prosus group in cash or other assets (including shares of the
\nNaspers group) and are classi\ufb01ed as cash-settled plans.
\nThe share schemes that are settled in Naspers shares are classi\ufb01ed as cash-settled when the Prosus group has the
\nobligation to make settlement, and equity settled when the Naspers group trusts (ie Naspers) has the obligation to make
\nsettlement.
\nClassi\ufb01cation of Naspers equity-compensation plans for the Prosus group
\nIn respect of RSUs and PSUs, awards are automatically settled in Naspers and/or Prosus equity instruments on the
\nvesting date by the relevant Naspers group share trust.
\nNaspers share-based compensation plans in which the group\u2019s employees participate, awards are settled with
\nemployees by the relevant Naspers group share trust and the Prosus group does not have any obligation to settle these
\nawards with employees. Such awards are classi\ufb01ed as equity settled. The equity settled share-based compensation
\nplans administered by the Naspers group trusts relate to Naspers and Prosus RSUs, Naspers PSU schemes and share
\noption schemes. The share options, RSUs and PSUs are classi\ufb01ed as equity settled as the group does not have an
\nobligation to make settlement. Naspers has the obligation to make settlement.
\nRelated party transactions
\nProsus provides funding to the trust to settle share options of the Prosus group employees via loan account. Please refer
\nto note\u00a042 for details of related party balances with the trusts.
\nAlthough the group has various equity-compensation plans in operation, disclosure is provided only for those plans that
\nhad the most signi\ufb01cant impact on the group\u2019s consolidated statement of \ufb01nancial position during the current year.
\n\n
\n
The following share option and RSU plans were in operation during the \ufb01nancial year:
\nShare option plan/RSU plan
\nMaximum
\nawards
\npermissible
\n1
\nVesting
\nperiod
\n2
\nPeriod to
\nexpiry from
\ndate of o\ufb00er
\nIFRS 2
\nclassi\ufb01cation
\nNaspers group
\nNaspers Share Incentive Trust (Naspers)
Note 3
a
\n3
\n10 years
Equity-settled
\nMIH Holdings Share Trust (MIH Holdings)
Note 3
a
\n3
\n10 years
Equity-settled
\nMIH Internet Holdings B.V. Share Trust (MIH Internet)
Note 3
a
\n3
\n10 years
Equity-settled
\nNaspers Restricted Stock Plan Trust (Naspers RSU/PSU)
\n4
\nNote 3, 4
a
Note 5
Equity-settled
\nProsus N.V. Share Award Plan (Prosus RSU/PSU)
Note 7
a
Note 5
Equity-settled
\nProsus N.V. Share Option Plan (Prosus Options)
Note 7
a
10 years
Equity-settled
\nSocial and internet platforms
\nMIH Russia Internet B.V. Share Trust
10%
c
10 years
Equity-settled
\nEcommerce
\nFrontier Car Group (FCG) Share Trust Option Scheme
\n9
\n15%
e
10 years
Cash-settled
\niFood.com Share Option Scheme
12.5%
a
\n8
\n10 years
Cash-settled
\nMovile International Holdings B.V. and Movile Mobile
\nCommerce Holdings S.L. Joint Stock Option Plan and Movile
\nInternational Holdings B.V. Share Option Plan
15%
a
\n6
\n10 years
Cash-settled
\nDante International S.A. (eMAG) Share Option Scheme
15%
a
\n6
\n10 years
Equity-settled
\nRed Dot Payment Pte Ltd Options Scheme
20%
a
10 years
Cash-settled
\nZoop Holding Participa\u00e7\u00f5es S.A. Share Option Scheme
\n9
\n4 275 000
\nshares
a
10 years
Cash-settled
\nStack Exchange, Inc. 2010 Stock Plan
15%
f
10 years
Cash-settled
\nThe group provides detailed disclosure for those share option and RSU plans that are considered signi\ufb01cant to the \ufb01nancial
\nstatements.
\nNotes in relation to the group\u2019s share option and RSU plans:
\n1 The percentage re\ufb02ected in this column is the maximum percentage of the respective companies\u2019 issued share capital that is available for the plan. Where
\napplicable, the above percentage also includes the percentage of the underlying assets value allocated to other group schemes, including the Global schemes
\n(also see note 4 in relation to the group\u2019s share appreciation rights plans).
\n2 Vesting period: a One quarter vests after years one, two, three and four.
\nb One third vests after years three, four and \ufb01ve.
\nc
One \ufb01fth vests after years one, two, three, four and \ufb01ve.
\nd One third vests after years one, two and three.
\ne One quarter vests after year one and monthly thereafter over three years.
\nf
The vesting period shall be determined for each o\ufb00er letter individually provided that it shall not exceed 10 years.
\n3 At the Naspers annual general meeting held on 25 August 2017 a resolution was adopted by shareholders whereby the vesting period for options granted after
\n25\u00a0August 2017 would be one quarter vesting after years one, two, three and four. Options granted before 25 August 2017 vest over three, four and \ufb01ve years
\nrespectively. In addition, at the Naspers annual general meeting in August 2020, shareholders approved that up to 5% of the issued capital of Naspers may be
\ngranted in the Naspers RSU.
\n4 The Naspers Restricted Stock Plan Trust may issue no more than 200 000 RSU awards in aggregate during any one \ufb01nancial year. The number of PSUs that may be
\no\ufb00ered is at the discretion of the board.
\n5 Awards are automatically settled with participants on the vesting date.
\n6 For these schemes all o\ufb00ers made from 1 April 2018 vest over one, two, three and four years. All o\ufb00ers preceding this date vest over one, two, three, four and
\n\ufb01ve\u00a0years.
\n7 No more than 5% of the issued capital of Prosus N.V. may be granted in the Prosus RSU/PSU/Option plans.
\n8 For all options granted prior to September 2020, one \ufb01fth vests after years one, two, three, four and \ufb01ve.
\n9 These schemes relate to entities that are presented as disposal groups classi\ufb01ed as held for sale in the current year.
\n\n\n
\nThe following share appreciation rights plans were in operation during the \ufb01nancial year:
\nShare appreciation rights plans
\nMaximum
\nawards
\npermissible
\n1
\nVesting
\nperiod
\n2
\nPeriod to
\nexpiry from
\ndate of o\ufb00er
\nIFRS 2
\nclassi\ufb01cation
\nSocial and internet platforms
\nMIH China/MIH TC 2008 SAR Scheme
10%
b
\n3
\n10 years
Cash-settled
\nEcommerce
\nMIH Food Holdings B.V. SAR Scheme (Delivery Hero)
7.5%
b
10 years
Cash-settled
\nMIH India Food Holdings B.V. SAR Scheme (Swiggy)
10%
b
10 years
Cash-settled
\nCEE Classi\ufb01eds SAR Scheme
10%
c
10 years
Cash-settled
\nTokobagus Exploitatie B.V. SAR Scheme
15%
c
10 years
Cash-settled
\nMIH Payments Holdings B.V. SAR Scheme
15%
b
\n3
\n10 years
Cash-settled
\nPayU Credit B.V. SAR Scheme
15%
b
10 years
Cash-settled
\nPayU Global B.V. SAR Scheme
15%
b
\n3
\n10 years
Cash-settled
\nNaspers Global Classi\ufb01eds SAR Scheme
\n(Global Classi\ufb01eds)
Note 4
b
\n3
\n10 years
Cash-settled
\nNaspers Global Ecommerce SAR Scheme
\n(Global Ecommerce)
Note 4
b
\n3
\n10 years
Cash-settled
\nMIH Fintech Holdings B.V. SAR Scheme (Global Payments)
Note 4
b
10 years
Cash-settled
\nMIH Food Delivery Holdings B.V. SAR Scheme
\n(Global Food)
Note 4
b
10 years
Cash-settled
\nNaspers Ventures B.V. SAR Scheme
15%
d
10 years
Cash-settled
\nMIH Edtech Investments B.V. SAR Plan (Global Edtech)
Note 4
b
10 years
Cash-settled
\nRed Dot Payment Pte Ltd SAR Scheme
20%
b
10 years
Cash-settled
\nSimilarWeb Limited SAR Scheme
5%
c
10 years
Cash-settled
\nProperty24 SAR Scheme
15%
b
\n3
\n10 years
Cash-settled
\nTakealot Online Proprietary Limited SAR Scheme
15%
b
10 years
Cash-settled
\nMovile International Holdings BV SAR Scheme
15%
b
10 years
Cash-settled
\nDante International S.A. (eMAG) SAR Scheme
12.5%
b
10 years
Cash-settled
\nMIH Learning B.V. (Skillsoft) SAR Scheme
12.5%
b
10 years
Cash-settled
\nGood Bidco (GoodHabitz) B.V. SAR Scheme
15%
b
10 years
Cash-settled
\nThe group provides detailed disclosure for those share appreciation rights plans that are considered signi\ufb01cant to the \ufb01nancial
\nstatements.
\nNotes in relation to the group\u2019s share appreciation rights plans:
\n1 The percentage re\ufb02ected in this column is the maximum percentage of the respective companies\u2019 issued/notional share capital that is available for the plan. Where
\napplicable, the above percentage also includes the percentage of the underlying assets\u2019 value allocated to other group schemes, including the Global schemes
\n(also see note 4).
\n2 Vesting period: a One third vests after years three, four and \ufb01ve.
\nb One quarter vests after years one, two, three and four.
\nc
One \ufb01fth vests after years one, two, three, four and \ufb01ve.
\nd One quarter vests after years two, three, four and \ufb01ve.
\n3 For these schemes all o\ufb00ers made from 1 April 2018 vest over one, two, three and four years. All o\ufb00ers preceding this date vest over one, two, three, four and
\n\ufb01ve\u00a0years.
\n4 2.5% of the value of each of the relevant underlying assets, as is contributed to the relevant Global schemes, is available for issuance in the Global schemes.
\nFrom 1 April 2022, new grants under the SAR schemes will have an expiry period of six years.
\n\n
\n
\n
Liabilities arising from share-based payment transactions
\nThe following liabilities have been recognised in the consolidated statement of \ufb01nancial position relating to the group\u2019s cash-
\nsettled share-based payment obligations:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCash-settled share-based payment liability
\nTotal carrying amount of cash-settled share-based payment liability
713
1 127
\nLess: Current portion of cash-settled share-based payment liability
(656)
(964)
\nNon-current portion of cash-settled share-based payment liability
57
163
\nReconciliation of the cash-settled share-based payment liability is as follows:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening carrying amount of cash-settled share-based payment liability
1 127
1 056
\nSAR scheme charge per the consolidated income statement
\n1, 2
\n(187)
129
\nEmployment-linked put option charge per the consolidated income statement
14
23
\nAdditions
\u2013
5
\nSettlements
(165)
(372)
\nModi\ufb01cation
\n2
\n5
265
\nTransferred to liabilities classi\ufb01ed as held for sale
\n3
\n(37)
\u2013
\nForeign currency translation e\ufb00ects
(44)
21
\nClosing carrying amount of cash-settled share-based payment liability
713
1 127
\n1 The decrease in the expense is as a result of the decline in the fair values of the underlying businesses that decreased the estimated cash settlement for the
\nschemes.
\n2 Some of the group\u2019s equity-settled compensation plans were prospectively modi\ufb01ed to cash-settled due to the change in settlement policy of the share option
\nschemes. In the 31 March 2022 \ufb01nancial year, the modi\ufb01cation relates primarily to the iFood share option scheme to cash settled.
\n3 Relates primarily to Avito which was classi\ufb01ed as held for sale in May 2022 prior to its disposal in October 2022 as well as the OLX Autos disposal group classi\ufb01ed
\nas held for sale in March 2023. Refer to note 36.
\nAs at 31 March 2023 68.25% (2022: 63.04%) of the share-based payment liability relates to vested share-based compensation
\nplans that have not been exercised. Included in the share-based payment liability is an amount of US$103m (2022: US$90m) as a
\nresult of a written put option included in the acquisition agreement that is linked to a committed employment period for the
\nfounders of the respective subsidiaries.
\n\n
\n
\n
The group recognised, in the consolidated income statement a remeasurement of US$29m (2022:\u00a0US$23m) included in the current
\nyear cash-settled share-based payment expense related to these subsidiaries. The value on settlement of the put options will be
\ndependent on the completion of the respective employment period and accordingly impacts the non-controlling interest
\nrecognised for these subsidiaries.
\nMovements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2023
\nNaspers
\nRSU
\nProsus
\nRSU
\nNaspers
\nPSU
\nProsus
\nPSU
\nMIH
\nHoldings
\nMIH
\nInternet
\nShares
\nOutstanding at 1 April
28 251
2 135 060
265 672
269 298
28 250
1 930 686
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
122
\u2013
\nGranted
\u2013
3 258 804
22 073
343 328
\u2013
\u2013
\nExercised
(16 949)
(468 748)
(100 903)
\u2013
(8 443)
(1 085 299)
\nForfeited
(3 247)
(488 712)
\u2013
\u2013
(532)
(30 122)
\nCancelled
\u2013
(330 839)
\u2013
\u2013
\u2013
\u2013
\nOutstanding at 31 March
8 055
4 105 565
186 842
612 626
19 397
815 265
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
\u2013
14 133
683 745
\nWeighted average exercise price
(ZAR)
(EUR)
(ZAR)
(EUR)
(ZAR)
(ZAR)
\nOutstanding at 1 April
\u2013
\u2013
\u2013
\u2013
2 860.16
1 921.39
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nGranted
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nExercised
\u2013
\u2013
\u2013
\u2013
1 947.87
1 293.49
\nForfeited
\u2013
\u2013
\u2013
\u2013
2 394.31
3 089.81
\nCancellation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nOutstanding at 31 March
\u2013
\u2013
\u2013
\u2013
2 284.60
2 714.09
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
\u2013
2 883.20
2 656.84
\nWeighted average share price of options
\ntaken up during the year
\nShares
16 949
468 748
100 903
\u2013
8 443
1 085 299
\nWeighted average share price
2 638.44
64.27
2 637.25
\u2013
3 087.90
2 561.18
\n
\n
\n
Movements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2023
\nDante
\nInternational
iFood
\nMovile
\nJoint
\nScheme
\nShares
\nOutstanding at 1 April
62 621
100 788
771 665
\nGranted
31 247
55 393
\u2013
\nExercised
(4 764)
(5 585)
(131 886)
\nForfeited
(1 559)
(10 331)
(117 565)
\nCancelled
\u2013
(20 071)
(6 900)
\nOutstanding at 31 March
87 545
120 194
515 314
\nAvailable to be implemented by the trust at 31 March
31 801
43 436
328 913
\nWeighted average exercise price
(US$)
(BRL)
(BRL)
\nOutstanding at 1 April
1 235.66
6 891.64
242.13
\nMovements between Naspers and Prosus group companies
\u2013
\u2013
\u2013
\nGranted
1 185.31
15 069.51
\u2013
\nExercised
743.11
4 591.34
311.40
\nForfeited
1 414.05
8 379.76
132.38
\nCancelled
\u2013
19 220.38
285.18
\nOutstanding at 31 March
1 241.31
8 580.74
248.86
\nAvailable to be implemented by the trust at 31 March
1 005.14
5 369.11
267.90
\nWeighted average share price of options taken up during the year
\nShares
4 764
5 585
131 886
\nWeighted average share price
1 466.96
12 227.44
1 530.63
\n
\n
\n\n
Movements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2022
\nNaspers
\nRSU
\nProsus
\nRSU
\n(EUR)
\nNaspers
\nPSU
\nProsus
\nPSU
\n(EUR)
\nMIH
\nHoldings
\nMIH
\nInternet
\nShares
\nOutstanding at 1 April
60 999
667 619
227 460
\u2013
17 020
1 909 071
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
10 252
11 568
\nGranted
\u2013
1 833 725
44 268
269 298
1 623
84 755
\nExercised
(23 788)
(159 424)
\u2013
\u2013
(645)
(63 801)
\nForfeited
(8 960)
(205 460)
(6 056)
\u2013
\u2013
(8 183)
\nCancelled
\u2013
(1 400)
\u2013
\u2013
\u2013
(2 724)
\nOutstanding at 31 March
28 251
2 135 060
265 672
269 298
28 250
1 930 686
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
17 482
1 633 120
\nWeighted average exercise price
(ZAR)
(EUR)
(EUR)
(EUR)
(ZAR)
(ZAR)
\nOutstanding at 1 April
\u2013
\u2013
\u2013
\u2013
2 885.80
1 863.45
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
2 885.80
1 863.45
\nGranted
\u2013
\u2013
\u2013
\u2013
3 040.00
2 961.41
\nExercised
\u2013
\u2013
\u2013
\u2013
2 378.16
1 600.12
\nForfeited
\u2013
\u2013
\u2013
\u2013
3 051.97
\nCancelled
\u2013
\u2013
\u2013
\u2013
3 040.00
\nOutstanding at 31 March
\u2013
\u2013
\u2013
\u2013
2 860.16
1 921.39
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
\u2013
2 664.31
1 715.82
\nWeighted average share price of options
\ntaken up during the year
\nShares
23 788
159 424
\u2013
\u2013
645
63 801
\nWeighted average share price
2 803.06
68.53
\u2013
\u2013
3 432.25
2 467.59
\n
\n\n
Movements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2022
\nDante
\nInternational
iFood
\nMovile
\nJoint
\nScheme
\nShares
\nOutstanding at 1 April
80 424
123 549
1 115 232
\nGranted
15 405
12 873
302 451
\nExercised
(32 776)
(33 920)
(190 675)
\nForfeited
(432)
(1 714)
(186 371)
\nCancelled
\u2013
\u2013
\u2013
\nOutstanding at 31 March
62 621
100 788
1 040 637
\nAvailable to be implemented by the trust at 31 March
17 968
30 914
331 949
\nWeighted average exercise price
(US$)
(BRL)
(BRL)
\nOutstanding at 1 April
786.26
4 117.50
237.36
\nGranted
2 343.84
22 388.59
191.73
\nExercised
657.32
3 984.58
266.40
\nForfeited
969.53
6 033.30
178.36
\nCancelled
\u2013
2 701.27
\u2013
\nOutstanding at 31 March
1 020.37
6 891.64
229.34
\nAvailable to be implemented by the trust at 31 March
753.42
3 583.72
267.79
\nWeighted average share price of options taken up during the year
\nShares
32 776
33 920
190 675
\nWeighted average share price
567.46
4 270.68
2 170.23
\n\n
\n
\n
Movements in terms of the group\u2019s signi\ufb01cant share appreciation rights plans are as follows:
\n31 March 2023
\nMIH
\nChina
\nNaspers
\nGlobal
\nClassi\ufb01eds
\nNaspers
\nGlobal
\nEcommerce
\nNaspers
\nVentures
\nPayU
\nGlobal
\nSARs
\nOutstanding at 1 April
374 169
19 277 985
11 311 508
6 526 815
903 563
\nMovements between Naspers
\nGranted
130 590
13 850 566
1 017 872
505 790
155 915
\nExercised
(60)
(436 439)
(1 128 082)
(2 482 665)
(264 010)
\nForfeited
(1 892)
(13 139 989)
(211 653)
(566 229)
(75 175)
\nCancelled
\u2013
(46 232)
\u2013
\u2013
\u2013
\nOutstanding at 31 March
502 807
19 505 891
10 989 645
3 983 711
720 293
\nAvailable to be implemented at 31 March
261 947
8 133 190
8 203 303
182 057
269 651
\nWeighted average exercise price
(US$)
(US$)
(US$)
(US$)
(US$)
\nOutstanding at 1 April
169.56
9.90
29.73
11.04
160.71
\nMovements between Naspers
\nGranted
125.42
6.18
38.88
25.43
47.04
\nExercised
138.40
7.61
29.03
5.51
76.19
\nForfeited
221.39
8.40
52.22
17.49
162.10
\nCancelled
\u2013
6.18
\u2013
\u2013
\u2013
\nOutstanding at 31 March
157.90
8.33
30.22
15.40
147.03
\nAvailable to be implemented at 31 March
149.75
8.91
24.21
5.48
90.50
\nWeighted average share price of SARs taken
\nup during the year
\nSARs
60
436 439
1 128 082
2 482 665
264 010
\nWeighted average share price
161.53
9.33
51.26
23.53
164.73
\n\n
\n
Movements in terms of the group\u2019s signi\ufb01cant share appreciation rights plans are as follows:
\n31 March 2022
\nMIH
\nChina
\nNaspers
\nGlobal
\nClassi\ufb01eds
\nNaspers
\nGlobal
\nEcommerce
\nNaspers
\nVentures
\nPayU
\nGlobal
\nSARs
\nOutstanding at 1 April
301 927
21 304 008
10 097 273
3 679 357
1 433 264
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
21 100
\u2013
\u2013
\nGranted
77 615
6 194 375
1 422 443
2 999 945
223 332
\nExercised
(5 373)
(4 683 827)
(156 208)
(116 223)
(584 675)
\nForfeited
\u2013
(3 508 555)
(47 252)
(36 264)
(168 358)
\nCancelled
\u2013
(28 016)
(25 848)
\u2013
\u2013
\nOutstanding at 31 March
374 169
19 277 985
11 311 508
6 526 815
903 563
\nAvailable to be implemented at 31 March
176 437
5 779 672
7 843 728
2 009 412
265 956
\nWeighted average exercise price
(US$)
(US$)
(US$)
(US$)
(US$)
\nOutstanding at 1 April
149.17
8.72
25.01
6.00
74.13
\nMovements between Naspers and
\nProsus group companies
25.01
\u2013
\u2013
\nGranted
244.59
12.29
64.04
16.94
138.23
\nExercised
107.97
8.21
28.55
5.03
62.99
\nForfeited
\u2013
9.19
44.35
6.67
95.54
\nCancelled
\u2013
9.05
63.89
\u2013
\u2013
\nOutstanding at 31 March
169.56
9.90
29.73
11.03
93.19
\nAvailable to be implemented at 31 March
136.56
8.38
21.77
5.24
75.45
\nWeighted average share price of SARs taken
\nup during the year
\nSARs
5 373
4 683 827
156 208
116 223
584 675
\nWeighted average share price
190.31
12.29
64.27
16.25
193.61
\n\n\n\n
Share option allocations outstanding and currently available to be implemented at 31 March 2023 by exercise price for the
\ngroup\u2019s signi\ufb01cant share incentive plans:
\nShare options outstanding
\nShare options currently
\navailable
\nExercise prices
\nNumber
\noutstanding
\nat 31 March
\n2023
\nWeighted
\naverage
\nremaining
\ncontractual
\nlife (years)
\nWeighted
\naverage
\nexercise
\nprice
\nExercisable
\nat 31 March
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\nMIH Internet (ZAR)
\n780.68 to 886.69
1 982
0.43
787.32
1 982
787.32
\n1196.88 to 1272.66
24 713
1.41
1 268.47
24 713
1 268.47
\n1302.89 to 1371.87
7 100
1.67
1 370.80
7 100
1 370.80
\n1572.04 to 1634.84
19 142
2.43
1 623.49
19 142
1 623.49
\n1700.53 to 1741.27
652
2.56
1 722.47
652
1 722.47
\n1834.76 to 1931.85
3 966
3.57
1 857.10
3 966
1 857.10
\n1991.88 to 2380.94
183 822
3.40
2 099.00
180 684
2 094.69
\n2429.53 to 2819.37
83 335
5.50
2 753.28
66 619
2 748.02
\n2827.88 to 3055
198 100
6.62
2 886.43
119 685
2 859.38
\n3077.6 to 3473.99
263 785
5.62
3 192.75
236 914
3 173.35
\n3494 to 3809
28 668
6.12
3 530.35
22 288
3 536.07
\n815 265
683 745
\niFood (BRL)
\n408.64 to 2 233.05
9 004
3.93
1 304.66
9 004
1 304.66
\n3 984.58 to 7 177.42
64 476
6.77
5 117.02
31 584
4 993.13
\n12 321.91 to 2 2388.59
46 714
6.49
14 763.91
2 848
22 388.59
\n120 194
43 436
\nMovile Joint Scheme (BRL)
\n80.1 to 117.31
273 335
7.33
116.22
140 654
115.19
\n149.71 to 279.9
48 988
4.25
169.26
41 488
161.61
\n285.18 to 468.87
60 197
4.84
368.49
60 197
368.49
\n497
132 794
6.33
497.00
86 574
497.00
\n515 314
328 913
\nDante International (US$)
\n319.02 to 414.5
533
2.18
361.83
533
361.83
\n533.7 to 678.53
7 346
3.95
624.49
7 346
624.49
\n829.21 to 1 692.23
64 777
6.30
1 065.09
20 203
914.09
\n2 343.84
14 889
8.40
2 343.84
3 719
2 343.84
\n87 545
31 801
\n\n
\n
\n
\nShare option allocations outstanding and currently available to be implemented at 31 March 2023 by exercise price for the
\ngroup\u2019s signi\ufb01cant share incentive plans:
\nShare options outstanding
\nShare options currently
\navailable
\nExercise prices
\nNumber
\noutstanding
\nat 31 March
\n2023
\nWeighted
\naverage
\nremaining
\ncontractual
\nlife (years)
\nWeighted
\naverage
\nexercise
\nprice
\nExercisable
\nat 31 March
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\nMIH Holdings (ZAR)
\n886.69 to 1378.67
834
0.72
1 028.27
834
1 028.27
\n1700.53 to 1740.85
1 079
2.47
1 738.27
1 079
1 738.27
\n2323.52 to 2429.53
839
3.42
2 360.29
839
2 360.29
\n2782.5 to 2839.88
5 477
6.18
2 809.71
4 134
2 803.81
\n3040 to 3420.55
11 168
6.48
3 347.31
7 247
3 372.96
\n19 397
14 133
\nShare appreciation rights allocations outstanding and currently available to be implemented at 31 March 2023 by exercise price
\nfor the group\u2019s signi\ufb01cant share incentive plans:
\nSARs outstanding
SARs currently available
\nExercise prices
\nNumber
\noutstanding
\nat 31 March
\n2023
\nWeighted
\naverage
\nremaining
\ncontractual
\nlife (years)
\nWeighted
\naverage
\nexercise
\nprice
\nExercisable
\nat 31 March
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\nMIH China (US$)
\n81.78 to 244.59
502 807
5.98
157.90
261 947
149.75
\nNaspers Global Classi\ufb01eds (US$)
\n3.54 to 7.64
9 064 101
5.09
6.28
1 713 199
6.68
\n8.5 to 12.29
10 441 790
6.95
10.11
6 419 991
9.50
\n19 505 891
8 133 190
\nNaspers Global Ecommerce (US$)
\n15.58 to 23.61
4 803 675
1.55
15.81
4 803 675
15.81
\n27.25 to 31.89
1 155 546
4.46
27.56
1 155 546
27.56
\n32.99 to 36.7
2 069 116
5.79
34.59
1 261 429
34.82
\n36.76 to 45.64
1 348 698
7.14
40.57
687 886
40.46
\n47.81 to 67.1
1 612 610
7.65
60.78
294 767
64.79
\n10 989 645
8 203 303
\nNaspers Ventures (US$)
\n5 to 8.74
993 097
11.75
7.30
182 057
5.48
\n10.06 to 25.45
2 990 614
13.65
18.08
\u2013
\u2013
\n3 983 711
182 057
\nPayU Global (US$)
\n32.04 to 58.44
191 602
5.04
47.55
40 303
49.93
\n67.37 to 140.26
528 691
7.31
102.81
229 348
97.63
\n720 293
269 651
\n\n
\n
Share option and RSU plan grants made during the year relating to the group\u2019s signi\ufb01cant plans:
\nNaspers
\nRSU
\n(ZAR)
\nProsus
\nRSU
\n(EUR)
\nNaspers
\nPSU
\n(ZAR)
\nProsus
\nPSU
\n(EUR)
\n31 March 2023
\nWeighted average fair value at measurement date
\u2013
62.71
\u2013
103.56
\nThis weighted average fair value has been calculated using the
\nBermudan Binomial option pricing model, using the following
\ninputs and assumptions:
\nWeighted average share price
\u2013
62.71
\u2013
103.56
\nWeighted average option life (years)
\u2013
10.00
\u2013
3.17
\nWeighted average annual suboptimal rate (%)
\u2013
180%
\u2013
180%
\nWeighted average vesting period (years)
\u2013
2.50
\u2013
2.85
\n31 March 2022
\nWeighted average fair value at measurement date
\u2013
74.89
2 945.46
75.16
\nThis weighted average fair value has been calculated using the
\nBermudan Binomial option pricing model, using the following
\ninputs and assumptions:
\nWeighted average share price
\u2013
74.89
2 945.46
75.16
\nWeighted average option life (years)
\u2013
10.00
3.00
3.00
\nWeighted average annual suboptimal rate (%)
\u2013
160%
160%
160%
\nWeighted average vesting period (years)
\u2013
2.5
3.0
3.0
\nMIH
\nHoldings
\n(ZAR)
\nMIH
\nInternet
\n(ZAR)
\nDante
\nInternational
\n(US$)
\niFood
\n(BRL)
\nMovile
\nJoint
\nScheme
\n(BRL)
\n31 March 2023
\nWeighted average fair value at
\nmeasurement date
1 167.99
\u2013
591.72
8 899.20
\u2013
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
2 348.69
\u2013
1 185.31
15 729.18
\u2013
\nWeighted average exercise price
2 348.69
\u2013
1 185.31
12 321.91
\u2013
\nWeighted average expected volatility (%)*
47.0%
\u2013
62.0%
65.0%
\u2013
\nWeighted average option life (years)
10.0
\u2013
6.0
6.0
\u2013
\nWeighted average dividend yield (%)
\nWeighted average risk-free interest rate (%)
\n(based on zero-rate bond yield at perfect \ufb01t)
9.0%
\u2013
4.0%
7.4%
\u2013
\nWeighted average annual suboptimal rate (%)
180%
\u2013
180%
180%
\u2013
\nWeighted average vesting period (years)
2.5
\u2013
2.5
2.0
\u2013
\n* The weighted average expected volatility of all share options listed above is determined using historical daily share prices.
\n
\n
\n
\n
\nMIH
\nHoldings
\n(ZAR)
\nMIH
\nInternet
\n(ZAR)
\nDante
\nInternational
\n(US$)
\niFood
\n(BRL)
\nMovile
\nJoint
\nScheme
\n(BRL)
\n31 March 2022
\nWeighted average fair value at measurement
\ndate
1 234.89
1 235.26
1 172.63
9 165.64
\u2013
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
2 955.45
2 957.08
2 343.84
19 927.63
\u2013
\nWeighted average exercise price
2 955.45
2 957.08
2 343.84
22 388.59
\u2013
\nWeighted average expected volatility (%)*
32.5
32.4
58
50.4
\u2013
\nWeighted average option life (years)
10.0
10.0
10.0
10.0
\u2013
\nWeighted average dividend yield (%)
0.2
0.2
\u2013
\u2013
\u2013
\nWeighted average risk-free interest rate (%)
\n(based on zero rate bond yield at perfect \ufb01t)
7.1
7.0
1.6
7.3
\u2013
\nWeighted average annual suboptimal rate (%)
160
160
160
160
\u2013
\nWeighted average vesting period (years)
2.5
2.5
2.5
2.6
\u2013
\n* The weighted average expected volatility of all share options listed above is determined using historical daily share prices.
\nShare appreciation rights plan grants made during the year relating to the group\u2019s signi\ufb01cant plans:
\nMIH
\nChina
\n(US$)
\nNaspers
\nGlobal
\nClassi\ufb01eds
\n(US$)
\nNaspers
\nGlobal
\nEcommerce
\n(US$)
\nNaspers
\nVentures
\n(US$)
\nPayU
\nGlobal
\nB.V.
\n(US$)
\n31 March 2023
\nWeighted average fair value
\nat remeasurement date
83.75
1.03
14.76
10.76
10.19
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
165.39
3.42
34.20
23.71
32.38
\nWeighted average exercise price
125.42
6.18
38.83
25.43
46.92
\nWeighted average expected volatility (%)*
46.0%
52.0%
55.0%
35.0%
45.0%
\nWeighted average option life (years)
6.0
6.0
6.0
15.0
6.0
\nWeighted average risk-free interest rate (%)
\n(based on zero rate bond yield at perfect \ufb01t)
3.6%
3.6%
3.6%
3.5%
3.6%
\nWeighted average annual suboptimal rate (%)
180.0%
180.0%
180.0%
180.0%
180.0%
\nWeighted average vesting period (years)
4.9
2.6
2.1
3.5
2.5
\nShare price at measurement date
165.4
3.4
34.2
23.7
32.4
\n* The weighted average expected volatility of all share appreciation rights listed above is determined using historical daily share prices.
\n
\n
\n
MIH
\nChina
\n(US$)
\nNaspers
\nGlobal
\nClassi\ufb01eds
\n(US$)
\nNaspers
\nGlobal
\nEcommerce
\n(US$)
\nNaspers
\nVentures
\n(US$)
\nPayU
\nGlobal
\nB.V.
\n(US$)
\n31 March 2022
\nWeighted average fair value at
\nremeasurement date
48.73
4.28
26.08
15.14
58.70
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
155.02
11.59
57.27
25.46
132.78
\nWeighted average exercise price
244.59
12.29
60.20
16.94
137.83
\nWeighted average expected volatility (%)*
42.0
37.0
50.1
48.3
53.8
\nWeighted average option life (years)
5.0
10.0
10.0
15.0
10.00
\nWeighted average risk-free interest rate (%)
\n(based on zero-rate bond yield at perfect \ufb01t)
2.3
2.3
2.3
2.3
2.3
\nWeighted average annual suboptimal rate (%)
160
160
160
160
160
\nWeighted average vesting period (years)
2.5
2.6
3.5
3.5
2.50
\nShare price at measurement date
155.02
11.59
57.27
25.46
132.78
\n* The weighted average expected volatility of all share appreciation rights listed above is determined using historical daily share prices.
\n38.
Provisions
\nAccounting policy
\nProvisions are obligations of the group where the timing or amount (or both) of the obligation is uncertain.
\nProvisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is
\nprobable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation and a
\nreliable estimate of the amount of the obligation can be made.
\nThe group recognises a provision relating to its estimated exposure on all products at the consolidated statement of
\n\ufb01nancial position date. A provision for onerous contracts is established when the expected bene\ufb01ts to be derived under
\na contract are less than the unavoidable costs of ful\ufb01lling the contract.
\nReorganisation provisions are recognised in the period in which the group becomes legally or constructively committed
\nto a formal restructuring plan.
\nA provision for restructuring costs is recognised when the group has a detailed formal plan for the restructuring and has
\nraised a valid expectation to those a\ufb00ected that it will implement and carry out the restructuring.
\nProvisions are reviewed at each statement of \ufb01nancial position date and adjusted to re\ufb02ect the current best estimate.
\nWhere the e\ufb00ect of the time value of money is material, the amount of a provision is determined by discounting the
\nanticipated future cash \ufb02ows expected to be required to settle the obligation at a pre-tax rate that re\ufb02ects current
\nmarket assessments of the time value of money and the risks speci\ufb01c to the liability. The increase in the provision due to
\nthe passage of time is recognised as interest expense in the consolidated income statement.
\n
\n
\n
\n
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nPending litigation
12
7
\nReorganisation and restructuring
23
\u2013
\nLong-service and retirement gratuity
3
3
\nOther
10
3
\nTotal provisions
48
13
\nLess:
Non-current portion of provisions
(3)
(4)
\nCurrent portion of provisions
45
9
\nThe group is currently involved in various litigation matters. The litigation provision has been estimated based on management
\nassessment on likelihood of requirements on legal counsel and management\u2019s estimates of costs and possible claims relating to
\nthese after taking appropriate legal advice.
\nThe reorganisation and restructuring provision relates to the restructuring costs of certain of our operations. The long-service and
\nretirement gratuity provision relates to the estimated cost of these employee bene\ufb01ts. Furthermore, included in other provisions
\nare estimated amounts related to other regulatory matters.
\n 39.
Accrued expenses
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nDeferred income
\n1
\n109
143
\nAccrued expenses
\n2
\n229
158
\nAmounts owing in respect of investments acquired
\n2
\n\u2013
3
\nTaxes and other statutory liabilities
95
113
\nBonus accrual
109
89
\nAccrual for leave
28
28
\nOther personnel accruals
46
57
\nPayments received in advance
81
61
\nPayables from reverse factoring arrangements
\n2
\n100
90
\nMerchant payable
\n2
\n871
724
\nOther
\n3
\n52
48
\n1 720
1 514
\n1 Relates to revenue received in advance from contracts with customers. Refer to note 13 for movements in deferred income balances.
\n2 These items are classi\ufb01ed as \ufb01nancial liabilities.
\n3 Includes \ufb01nancial liabilities of US$43m (2022: US$42m).
\n\n\n
Hedging
\nAccounting policy
\nThe group uses derivative \ufb01nancial instruments (derivatives) to reduce exposure to \ufb02uctuations in foreign currency
\nexchange rates and interest rates. These instruments mainly comprise forward exchange contracts and interest rate
\n(including cross-currency) swap agreements. Forward exchange contracts protect the group from movements in
\nexchange rates by \ufb01xing the rate at which a foreign currency asset or liability will be settled. Cross-currency interest rate
\nswap agreements protect the group from movements in foreign exchange risk on a net investment in a foreign\u00a0operation.
\nThe group documents, at inception of hedging transactions, the relationship between hedging instruments and hedged
\nitems, as well as its risk management objective and strategy for undertaking various hedging transactions. The group
\nalso documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives used in
\nhedging transactions are expected to be and have been highly e\ufb00ective in o\ufb00setting changes in fair values or cash
\n\ufb02ows of hedged items. Hedging instruments are included in \u2018Derivative \ufb01nancial instruments\u2019 in the consolidated
\nstatement of \ufb01nancial position. The group designates derivatives as hedging instruments either in their entirety or
\nelements thereof, as appropriate. The fair values of derivatives used for hedging purposes are disclosed in note 40
\nbelow.
\nThe method of recognising the resulting gain or loss arising from the remeasurement of derivatives used for hedging is
\ndependent on the nature of the item being hedged. The group designates a derivative as either a hedge of the fair
\nvalue of a recognised asset, liability or \ufb01rm commitment (fair value hedge), or a hedge of a forecast transaction or of
\nthe foreign currency risk of a \ufb01rm commitment (cash \ufb02ow hedge). The group also designates certain derivatives as
\nhedges of the group\u2019s net investments in its foreign operations (net investment hedge).
\nFair value hedges
\nWhen a derivative is designated as a fair value hedge, changes in the fair value of the derivative are recorded in the
\nconsolidated income statement, along with changes in the fair value of the hedged asset or liability that is attributable
\nto the hedged risk.
\nCash \ufb02ow hedges
\nWhen a derivative is designated as a cash \ufb02ow hedging instrument, the e\ufb00ective portion of the change in the fair value
\nof the derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The ine\ufb00ective
\nportion of the change in the fair value of the derivative is recognised in the consolidated income statement.
\nWhen the hedged forecast transaction or \ufb01rm commitment subsequently results in the recognition of a non-\ufb01nancial item
\nsuch as inventory, the amount accumulated in the hedging reserve is included directly in the initial cost of the non-
\n\ufb01nancial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging
\nreserve is reclassi\ufb01ed to the consolidated income statement in the same period during which the hedged expected
\nfuture cash \ufb02ow a\ufb00ects the consolidated income statement.
\nWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, then
\nhedge accounting is discontinued prospectively. The amount accumulated in the hedging reserve at that time remains in
\nequity until, for a hedge resulting in the recognition of a non-\ufb01nancial item, it is included in the initial cost on initial
\nrecognition or, for other cash \ufb02ow hedges, it is reclassi\ufb01ed to the consolidated income statement in the same period as
\nthe expected cash \ufb02ows a\ufb00ect the consolidated income statement.
\nWhen a committed or forecast transaction is no longer expected to occur, the amounts accumulated in the hedging
\nreserve are reclassi\ufb01ed to the consolidated income statement.
\nNet investment hedges
\nWhen a derivative is designated as a hedging instrument in a hedge of the group\u2019s net investment in a foreign
\noperation, the e\ufb00ective portion of the change in fair value of the hedging instrument is recognised in other
\ncomprehensive income and presented in the foreign currency translation reserve within equity. The ine\ufb00ective portion of
\nthe change in fair value of the derivative is recognised in the consolidated income statement. The amount accumulated
\nin the foreign currency translation reserve is reclassi\ufb01ed to the consolidated income statement on disposal of the
\nrelevant foreign operation.
\nCertain derivative transactions, while providing e\ufb00ective economic hedges under the group\u2019s risk management policies,
\ndo not qualify for hedge accounting. Changes in the fair value of derivatives that do not qualify for hedge accounting
\nare recognised immediately in the consolidated income statement.
\n
\n
\n
\n
\n40.
Financial risk management
\nFinancial risk factors
\nThe group\u2019s activities expose it to a variety of \ufb01nancial risks such as market risk (including currency risk, fair value interest rate risk,
\ncash \ufb02ow interest rate risk and price risk), credit risk and liquidity risk. These include the e\ufb00ects of changes in debt and equity
\nmarkets, foreign currency exchange rates and interest rates. The group\u2019s overall risk management programme seeks to minimise
\nthe potential adverse e\ufb00ects of \ufb01nancial risks on its \ufb01nancial performance. The group uses derivative \ufb01nancial instruments, such
\nas forward exchange contracts and interest rate swaps, to hedge certain risk exposures.
\nRisk management is carried out by management under policies approved by the board of directors and its risk management
\ncommittee. Management identi\ufb01es, evaluates and, where appropriate, hedges \ufb01nancial risks. The various boards of directors
\nwithin the group provide written policies, in line with the overall group policies, covering speci\ufb01c areas, such as foreign exchange
\nrisk, interest rate risk, credit risk, the use of derivative \ufb01nancial instruments and the investment of excess liquidity.
\n40.1 Foreign exchange risk
\nThe group operates internationally and is exposed to foreign exchange risk. A substantial portion of the group\u2019s revenue and
\nexpenses is denominated in the currencies of the countries in which it operates.
\nIn certain instances, the group will hedge its foreign currency risks associated with certain of its net investments in foreign
\noperations. The group will determine which investments to hedge based on the foreign currency risk arising on translation
\nof\u00a0its\u00a0foreign operations.
\nFollowing the acquisition of the group\u2019s interest in Delivery Hero SE during the 2018 \ufb01nancial year, the group elected to hedge the
\nforeign exchange risk resulting from the di\ufb00erence between the functional currency of Delivery Hero (euro) and the currency of the
\nfunding incurred to acquire the investment (US$). The group therefore entered into a cross-currency interest rate swap, and in
\norder to best re\ufb02ect the result of this risk management strategy, designated it as a hedge of its net investment in Delivery Hero.
\nAs the investment in Delivery Hero SE is translated at the spot rate, the group has designated only the spot exchange rate
\nelement of the cross-currency interest rate swap as forming part of the hedging relationship.
\nIn July 2021, the group issued US$1.85bn 3.061% notes due in 2031, \u20ac1.0bn 1.288% notes due in 2029 and \u20ac850m 1.985% notes
\ndue in 2033 (the bonds). The purpose of the o\ufb00erings was to raise proceeds for general corporate purposes, including debt
\nre\ufb01nancing, which took the form of a tender o\ufb00er made in relation to its bonds maturing in 2025 and 2027. Part of the notes due
\nin 2025 was linked to a cross-currency interest rate swap. Due to the part settlement of the 2025 bond notes, the group partly
\nsettled the cross-currency interest rate swap (the swap) related to the portion of the bond notes that were settled. The group
\ntherefore discontinued the hedge for the portion of the swap that was settled. The group continued the hedge relationship for the
\nremaining portion of the swap as the hedge of the net investment in Delivery Hero. The repayment of the swap amounted to
\nUS$20m in July 2021, representing the fair value of the portion settled at that date.
\nIn April 2022, the group designated \u20ac2.0bn of the euro bonds as a hedge of the net investment in Delivery Hero SE along with the
\ncross-currency interest swap discussed above. In March 2023, the group fully settled the cross-currency interest swap resulting in
\nthe cash receipt of US$13m. Subsequent to the settlement the group designated an additional \u20ac200m of the euro bond as a
\nhedge of the net investment in Delivery Hero SE. As at 31 March 2023, \u20ac2.2bn of the euro bonds were designated as a hedge of
\nthe net investment in Delivery Hero SE. The additional investment in Delivery Hero in the 2022 and 2023 \ufb01nancial year was funded
\nby the euro bonds, therefore this hedge designation creates as a natural o\ufb00set of the foreign currency exposure of the investment
\nand the bond liability. The group designated only the spot exchange rate element of the euro bonds in the hedging relationship.
\nThe hedge ratio remained 1:1 and the risk strategy for this hedge relationship remained unchanged. The accumulated amount
\nrecognised for this hedge relationship in the foreign currency translation reserve was not reclassi\ufb01ed following this partial
\nsettlement. The amount will only be reclassi\ufb01ed if the investment in Delivery Hero is disposed.
\nCumulative gains of US$35m (2022: loss of US$14m) have been recognised in the foreign currency translation reserve relating to
\nthe net investment hedge since the inception of the hedging relationship. The decrease in the value of the net investment in
\nDelivery Hero used to determine hedge ine\ufb00ectiveness for the period is US$1.5bn (2022: increase in value of US$2.1bn).
\nDuring the current year, total gains of US$55m (2022: US$12m) were recognised on the cross-currency interest rate swap prior to
\nsettlement and the euro bonds designated as a hedge. Gains of US$50m (2022: US$10m) for the year have been recognised in
\nthe foreign currency translation reserve relating to the net investment hedge (and comprise the fair value movements used as a
\nbasis for recognising hedge e\ufb00ectiveness). Gains of US$5m (2022: US$2m) were recognised as part of \u2018Other \ufb01nance (costs)/
\nincome \u2013 net\u2019 in the consolidated income statement. This is the element of the cross-currency interest rate swap prior to settlement
\nand the portion of the euro bonds not designated as part of the hedging relationship. Ine\ufb00ectiveness may arise from credit risk
\non the cross-currency interest rate swap and the euro bonds. Ine\ufb00ectiveness is negligible as all critical terms on the hedging
\ninstrument and hedged item match.
\nThe group does not apply hedge accounting with respect to any of its forward exchange contracts outstanding as at
\n31\u00a0March\u00a02023.
\n\n\n
\n
Where the group has surplus funds o\ufb00shore, the treasury policy is to spread the funds between more than one currency to limit
\nthe e\ufb00ect of foreign exchange rate \ufb02uctuations and to generate the highest possible interest income. As at 31 March 2023, the
\ngroup had a net cash balance including short-term cash investments of US$16.26bn (2022:\u00a0US$13.55bn). These funds are largely
\ndenominated in US dollar which is also the functional currency of the relevant group subsidiary in which the cash is held.
\nHowever, there are certain money market investments held in euros by entities with US dollar functional currencies which
\ndo\u00a0give\u00a0rise to foreign currency risk.
\nForeign currency sensitivity analysis
\nThe group\u2019s presentation currency is the US dollar, but as it operates internationally, it is exposed to a number of currencies, of
\nwhich the exposure to the US dollar, euro, Indian rupee, Brazilian real, Romanian lei, Turkish lira and Polish zloty are the most
\nsigni\ufb01cant. The group is also exposed to the British pound, Chinese yuan renminbi and South African rand, albeit to a lesser
\nextent. For purposes of the below analysis, \ufb01nancial instruments are only considered sensitive to foreign exchange rates when
\nthey are not denominated in the functional currency of the group entity holding the relevant \ufb01nancial instrument.
\nThe sensitivity analysis details the group\u2019s sensitivity to a 10% increase of the US dollar against the Indian rupee, South African
\nrand, euro and the Romanian lei (2022: 10% increase on aforementioned currencies) and a 20% increase of the US dollar against
\nthe Brazilian real, Turkish lira and Polish zloty (2022: 20% increase of the US dollar against forementioned currencies). These
\nmovements would result in a US$464m increase in net pro\ufb01t after tax for the year (2022: US$380m increase). Other equity would
\ndecrease by US$78m (2022: US$124m decrease).
\nThis analysis includes only outstanding foreign currency-denominated monetary assets and liabilities (ie those monetary assets
\nand liabilities denominated in a currency that di\ufb00ers from the relevant group company\u2019s functional currency) and adjusts their
\ntranslation at the period-end for the above percentage changes in foreign currency rates. The sensitivity analysis includes external
\nloans, as well as loans to foreign operations within the group, but excludes translation di\ufb00erences due to translating from
\nfunctional currency to presentation currency. The analysis has been adjusted for the e\ufb00ect of hedge accounting.
\nForeign exchange rates
\nThe exchange rates used by the group to translate foreign entities\u2019 income statements, statements of comprehensive income and
\nstatements of \ufb01nancial position are as follows:
\n31 March 2023
31 March 2022
\nAverage
\nrate
\nClosing
\nrate
\nAverage
\nrate
\nClosing
\nrate
\nCurrency (1FC = US$)
\nSouth African rand (ZAR)
0.0583
0.0562
0.0670
0.0685
\nEuro (EUR)
1.0415
1.0841
1.1586
1.1067
\nChinese yuan renminbi (RMB)
0.1453
0.1456
0.1562
0.1577
\nBrazilian real (BRL)
0.1943
0.1975
0.1891
0.2110
\nIndian rupee (INR)
0.0124
0.0122
0.0134
0.0132
\nPolish zloty (PLN)
0.2213
0.2317
0.2525
0.2382
\nRomanian lei (RON)
0.2114
0.2191
0.2346
0.2240
\nTurkish lira (YTL)
0.0557
0.0521
0.0927
0.0681
\nBritish pound sterling (GBP)
1.2036
1.2335
1.3620
1.3135
\nThe average rates listed above are only approximate average rates. The group measures separately the transactions of each of
\nits material operations, using the particular currency of the primary economic environment in which the operation conducts its
\nbusiness, translated at the prevailing exchange rate on the transaction date.
\n
\n
\n
\nThe below table details the group\u2019s unhedged liabilities that are denominated in a currency other than the functional currency of
\nthe settling entity:
\n31 March 2023
31 March 2022
\nCurrency
\namount of
\nliabilities
\nUS$\u2019m
US$\u2019m
\nCurrency
\namount of
\nliabilities
\nUS$\u2019m
US$\u2019m
\nUncovered liabilities
\nEuro
5 333
5 782
5 284
5 847
\nSouth African rand
7
\u2013
5
\u2013
\nUS dollar
\u2013
\u2013
13
13
\nBritish pound
1
1
1
2
\nOther
\u2013
6
\u2013
1
\nDerivative \ufb01nancial instruments
\nThe following table details the group\u2019s derivative \ufb01nancial instruments:
\n31 March 2023
31 March 2022
\nAssets
\nUS$\u2019m
\nLiabilities
\nUS$\u2019m
\nAssets
\nUS$\u2019m
\nLiabilities
\nUS$\u2019m
\nCurrent portion
\nForward exchange contracts
5
2
27
18
\n5
2
27
18
\nNon-current portion
\nDerivatives contained in lease agreements
\u2013
\u2013
11
2
\nCross-currency interest rate swap
\u2013
\u2013
2
\u2013
\n\u2013
\u2013
13
2
\nTotal
5
2
40
20
\nThe group\u2019s forward exchange contracts and cross-currency interest rate swap are subject to master netting arrangements that
\nallow for o\ufb00setting of asset and liability positions with the same counterparty in the event of default. None of the group\u2019s forward
\nexchange contracts and cross-currency interest rate swap agreement have been o\ufb00set in the consolidated statement of \ufb01nancial
\nposition. At\u00a031\u00a0March 2023 and 31 March 2022, there were no contracts that could be o\ufb00set under the master netting
\narrangement.
\n
\n
\n
40.2 Credit risk
\nThe group is exposed to credit risk relating to the following \ufb01nancial assets measured at amortised cost:
\nTrade receivables and accrued income balances
\nTrade receivables relate to amounts due from customers for goods sold or services rendered in the ordinary course of business.
\nThe group has a diversi\ufb01ed customer base across various geographical areas. Various credit checks are performed on new
\ndebtors to determine the quality of their credit history. These checks are also performed on existing debtors with long-overdue
\naccounts. Furthermore, current debtors are monitored to ensure they do not exceed their credit limits.
\nThe group\u2019s trade receivables arise mainly in its Payments and Fintech, Classi\ufb01eds, and Food Delivery segments. Average
\npayment terms vary considerably between the group\u2019s businesses, given the diverse nature of their operations. Average payment
\nterms, however, generally do not exceed 60 days from date of invoice.
\nAccrued income balances relate to unbilled revenue that has been earned and have substantially similar risk characteristics as
\ntrade receivables. Accrued income balances arise mainly in the group\u2019s Classi\ufb01eds, and Payments and Fintech segments and are
\nincluded within \u2018Other receivables\u2019 in the consolidated statement of \ufb01nancial position.
\nThe group applies the simpli\ufb01ed approach mandated by IFRS 9
Financial Instruments
when measuring impairment loss
\nallowances related to trade receivables and accrued income balances. Accordingly, the group\u2019s impairment allowances on these
\n\ufb01nancial assets equal, at all times, the credit losses expected to arise over the lifetime of these \ufb01nancial assets.
\nIn measuring credit losses expected to arise over the lifetime of trade receivables and accrued income balances, the \ufb01nancial
\nassets are grouped according to their shared credit characteristics and ageing pro\ufb01le.
\nThe quanti\ufb01cation of credit losses expected to arise over the lifetime of trade receivables and accrued income balances is based
\non (i) the group\u2019s actual observed historical loss experience/rates within each business and (ii) reasonable and supportable
\nforward-looking information that is considered predictive of future credit losses within each business.
\nThe historical loss experience/rates that are taken into account when determining impairment allowances is determined with
\nreference to representative sales periods within each business (typically not shorter than 12 months) and the credit losses incurred
\nover that period.
\nForward-looking information considered in measuring lifetime expected credit losses include macroeconomic factors, with the
\nmost signi\ufb01cant factors considered being in\ufb02ation and unemployment rate increases as these are considered to most signi\ufb01cantly
\na\ufb00ect the future ability of the group\u2019s customers to settle their accounts as they fall due for payment. All forward-looking
\ninformation considered is speci\ufb01c to the economy that most signi\ufb01cantly a\ufb00ects the underlying customer\u2019s ability to repay the
\nrelevant amount due. Due to the group\u2019s diverse operations, the forward-looking information considered, and the values assigned
\nto forward-looking information when calculating impairment allowances vary by business type and country in which the customer
\nis located.
\nAs at 31 March 2023, an impairment allowance (net of reversals) of US$8m (2022: US$6m) has been recognised with respect to
\ntrade receivables and accrued income balances.
\nFinancing receivables
\nFinancing receivables are amounts due from customers for \ufb01nancing provided for goods sold and other credit o\ufb00erings. The
\ngroup\u2019s \ufb01nancing receivables arise mainly in its Payments and Fintech, Classi\ufb01eds and Food Delivery segments. The
\nmeasurement of the expected credit loss allowance on these \ufb01nancing receivables is based on the general expected credit loss
\nmodel. The assessment considers whether there has been a signi\ufb01cant increase in credit risk. The receivables are analysed
\nbased on their ageing and the expected credit loss rate applied to the receivables is based on historical loss rates adjusted to
\nincorporate forward-looking information such as in\ufb02ation and unemployment rates. Various credit checks are performed on new
\ndebtors to determine the quality of their credit history. These checks are also performed on existing debtors with long-overdue
\naccounts. Furthermore, current debtors are monitored to ensure they do not exceed their credit limits. The majority of the \ufb01nancing
\nreceivables are current, and there has been no signi\ufb01cant increase in credit risk for these \ufb01nancing receivables since initial
\nrecognition. Consequently, the impairment loss allowance is based on a 12-month expected credit loss model.
\nAs at 31 March 2023, an impairment allowance (net of reversals) of US$33m (2022: US$9m) has been recognised with respect to
\n\ufb01nancing receivables.
\nRelated party loans and receivables
\nRelated party loans and receivables consist primarily of balances with a number of entities under the common control of Naspers,
\nthe group\u2019s ultimate controlling parent, as well as with certain associates and joint ventures of the group. The measurement of the
\nimpairment loss allowance on these loans and receivables is based on the assessment of whether there has been a signi\ufb01cant
\nincrease in credit risk. Management has assessed that the credit risk of these loans and receivables is based on the
\ncreditworthiness of the borrowers and their ability to repay the amounts owing. There has been no signi\ufb01cant increase in the
\ncredit risk of the borrowers during the current and prior \ufb01nancial year. Consequently, the impairment loss allowance is based on
\na 12-month expected credit loss model. As the amounts owing are due by group companies, the impairment assessment takes
\ninto account the default of the Naspers group on external debt (being the ultimate holding company able to repay debt on behalf
\nof group companies), the credit rating/probability of default of equity-accounted investments and letters of support by Naspers
\ngroup companies. The assessment also reviews actual performance against budgets and forecasts of group companies. Budget
\n
\n
\n
\n
\nforecasts consider the businesses of these group companies and equity-accounted investments remaining operational. In addition,
\nthese related parties have su\ufb03cient liquid assets and will therefore be able to settle their debt. As at 31 March 2023 and 2022,
\nimpairment allowances on related party loans and receivables were not material.
\nOther receivables
\nCredit risk related to other receivables arises mainly from accrued income balances, merchant and bank receivables, and
\ndisposal proceeds receivable.
\nAccrued income
\nThe credit risk pro\ufb01le and impairment methodology applied to accrued income balance that are included within \u2018Other
\nreceivables\u2019 in the consolidated statement of \ufb01nancial position is outlined above.
\nMerchant and bank receivables
\nMerchant and bank receivables balances relate to transactions, primarily in the group\u2019s Food Delivery, and Payments and Fintech
\nsegments, where the group facilitates the payment process between the end consumer and the provider of goods and services
\n(ie the merchant).
\nImpairment allowances are established on merchant and bank receivables by considering the group\u2019s historical loss experience/
\nrates as well as forward-looking information. The group also considers whether the underlying counterparty is a new or recurring
\ncustomer. The credit risk inherent in merchant and bank receivables is also reduced by the group\u2019s right to o\ufb00set amounts
\nreceivable from counterparties against the corresponding amounts payable to banks and other merchants (refer to note 39) in the
\nevent of default. An average payment term of 30 days generally applies to merchant and bank receivables. Merchant receivables
\nare generally recovered in the month subsequent to the \ufb01nancial year-end, as a result, impairment allowances are not signi\ufb01cant.
\nAs at 31 March 2023, an impairment allowance of US$4m (2022: US$4m) has been recognised with respect to merchant and
\nbank receivables.
\nDisposal proceeds receivable
\nDisposal proceeds receivable relate to amounts held in escrow following disposals of group businesses to external parties. These
\namounts are generally held in escrow by the relevant purchaser as security for the group\u2019s warranty and indemnity obligations in
\nterms of disposal agreements.
\nThe group assesses, on a continuing basis, whether a signi\ufb01cant increase in credit risk has taken place with respect to the
\nrelevant underlying counterparty. At 31 March 2023 and 31 March 2022, impairment allowances related to disposal proceeds
\nreceivable were not signi\ufb01cant.
\nLoan receivables
\nLoan receivables are amounts owing to various third parties of the group, including external service providers. The group
\nassesses, on a continuing basis, whether a signi\ufb01cant increase in credit risk has taken place with respect to the relevant
\nunderlying counterparty. At 31 March 2023, impairment allowances related to loan receivables amounted to US$nil
\n(31\u00a0March\u00a02022: US$7m).
\nCash and cash equivalents, short-term investments, derivative assets and investments at fair value through
\npro\ufb01t\u00a0and loss
\nThe group is exposed to certain concentrations of credit risk relating to its cash and cash equivalents, short-term investments,
\nderivative assets and investments at fair value through pro\ufb01t or loss. There are no signi\ufb01cant concentrations of credit risk relating
\nto derivative \ufb01nancial assets. The group places these instruments mainly with major banking groups and high-quality institutions
\nthat have high credit ratings. The group\u2019s treasury policy is designed to limit exposure to any one institution and to invest excess
\ncash in low-risk investment accounts. As at 31 March 2023, the group held the majority of its cash and cash equivalents, short-
\nterm investments and derivative assets with local and international banks with a \u2018Baa1\u2019 credit rating or higher. The majority of the
\ngroup\u2019s short-term investments are placed with international banks with an \u2018A1\u2019 credit rating (Moody\u2019s International\u2019s long-term
\ndeposit rating). The credit standings of counterparties that are used by the group are evaluated on a continuing basis.
\nTotal impairment losses on \ufb01nancial assets at amortised cost
\nTotal impairment losses (net of reversals) recorded on \ufb01nancial assets measured at amortised cost amounted to US$37m as at
\n31\u00a0March 2023 (2022: US$12m). The assessment includes all reasonable and supportable information about the likelihood that
\ncounterparties would breach their agreed payment terms and any deterioration of their credit ratings. Where relevant, additional
\nexpected credit losses were accounted for when deemed necessary.
\n
\n
\n
40.3 Liquidity risk
\nPrudent liquidity risk management implies, among other aspects, maintaining su\ufb03cient cash and marketable securities, the
\navailability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The
\nfacilities expiring within one year are subject to renewal at various dates during the next year. The group had the following
\nunutilised banking facilities as at 31 March 2023 and 31 March 2022:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOn call
123
121
\nExpiring within one year
160
19
\nExpiring beyond one year
2 516
2 502
\n2 799
2 642
\nThe following analysis details the remaining contractual maturity of the group\u2019s non-derivative liabilities and derivative \ufb01nancial
\nassets and liabilities. The analysis is based on the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on
\nwhich the group can be required to settle the liability. The analysis includes both interest and principal cash \ufb02ows.
\n31 March 2023
\nCarrying
\nvalue
\nUS$\u2019m
\nContractual
\ncash \ufb02ows
\nUS$\u2019m
\n0 \u2013 12
\nmonths
\nUS$\u2019m
\n1 \u2013 5
\nyears
\nUS$\u2019m
\n5 years+
\nUS$\u2019m
\nNon-derivative \ufb01nancial liabilities
\nInterest-bearing: Capitalised lease liabilities
(204)
(223)
(58)
(136)
(29)
\nInterest-bearing: Loans and other liabilities
(15 921)
(22 803)
(757)
(4 460)
(17 586)
\nNon-interest-bearing: Loans and other liabilities
(110)
(110)
(82)
(28)
\u2013
\nOther current and non-current liabilities
(889)
(899)
(773)
(126)
\u2013
\nTrade payables
(356)
(356)
(356)
\u2013
\u2013
\nAccrued expenses
(1 243)
(1 243)
(1 243)
\u2013
\u2013
\nRelated party loans and payables
(8)
(8)
(6)
(2)
\u2013
\nBank overdrafts
(28)
(28)
(28)
\u2013
\u2013
\nTrade payables classi\ufb01ed as held for sale
(165)
(165)
(165)
\u2013
\u2013
\nAccrued expenses classi\ufb01ed as held for sale
(66)
(66)
(66)
\u2013
\u2013
\nDerivative \ufb01nancial assets/(liabilities)
\nForward exchange contracts \u2013 in\ufb02ow
5
215
215
\u2013
\u2013
\nForward exchange contracts \u2013 out\ufb02ow
(2)
(213)
(213)
\u2013
\u2013
\n
\n
\n
\n
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nContractual
\ncash \ufb02ows
\nUS$\u2019m
\n0 \u2013 12
\nmonths
\nUS$\u2019m
\n1 \u2013 5
\nyears
\nUS$\u2019m
\n5 years+
\nUS$\u2019m
\nNon-derivative \ufb01nancial liabilities
\nInterest-bearing: Capitalised \ufb01nance leases
(263)
(282)
(64)
(178)
(40)
\nInterest-bearing: Loans and other liabilities
(15 829)
(23 098)
(464)
(3 813)
(18 821)
\nNon-interest-bearing: Loans and other liabilities
(81)
(109)
(44)
(65)
\u2013
\nOther current liabilities and non-current liabilities
(1 158)
(1 158)
(1 014)
(144)
\u2013
\nTrade payables
(549)
(549)
(549)
\u2013
\u2013
\nAccrued expenses
(1 017)
(1 017)
(1 017)
\u2013
\u2013
\nRelated party loans and payables
(10)
(10)
(8)
(2)
\u2013
\nBank overdrafts
(18)
(18)
(18)
\u2013
\u2013
\nDerivative \ufb01nancial assets/(liabilities)
\nForward exchange contracts \u2013 in\ufb02ow
27
4 769
4 769
\u2013
\u2013
\nForward exchange contracts \u2013 out\ufb02ow
(18)
(4 760)
(4 760)
\u2013
\u2013
\nDerivatives contained in lease agreements \u2013 in\ufb02ow
11
11
\u2013
11
\u2013
\nDerivatives contained in lease agreements \u2013 out\ufb02ow
(2)
(2)
\u2013
(2)
\u2013
\nCross-currency interest rate swap \u2013 in\ufb02ow
2
268
12
256
\u2013
\nCross-currency interest rate swap \u2013 out\ufb02ow
\u2013
(267)
(8)
(259)
\u2013
\n40.4 Interest rate risk
\nAs part of the process of managing the group\u2019s \ufb01xed and \ufb02oating borrowings mix, the interest rate characteristics of new
\nborrowings and the re\ufb01nancing of existing borrowings are positioned according to expected movements in interest rates. Where
\nappropriate, the group uses derivative \ufb01nancial instruments, such as interest rate swap agreements, purely for hedging purposes.
\nThe fair value of these instruments will not change signi\ufb01cantly as a result of changes in interest rates due to their short-term
\nnature and \ufb02oating interest rates.
\nRefer to note 30 for the interest rate pro\ufb01les and repayment terms of long-term liabilities as at 31\u00a0March 2023 and 2022.
\nInterest rate sensitivity analysis
\nThe sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative
\ninstruments at the statement of \ufb01nancial position date (after taking into account the e\ufb00ect of hedge accounting) and the
\nstipulated change taking place at the beginning of the next \ufb01nancial year and held constant throughout the reporting period in
\nthe case of instruments that have \ufb02oating rates. The group is mainly exposed to interest rate \ufb02uctuations of the South African,
\nAmerican, European, Brazilian and London Interbank Average Rates. Management\u2019s best estimate of the possible change in
\nthese interest rates is an increase of 100 basis points (2022: 100 basis points) for South African and European Interbank Average
\nRates and an increase of 300 basis points (2022: 300 basis points) for Brazilian and Johannesburg Interbank Average Rates.
\nIf interest rates changed as stipulated above and all other variables were held constant, speci\ufb01cally foreign exchange rates, the
\ngroup\u2019s net pro\ufb01t after tax and total equity for the year ended 31 March 2023 would decrease by US$37m (2022: increase on net
\npro\ufb01t (and equity) by US$82m).
\n40.5 Price risk
\nDuring the 31 March 2022 \ufb01nancial year, the group increased its shareholding in Delivery Hero by 2.5% to 27% from 25%. The
\nadditional investment was acquired initially as a call option to acquire the shares subject to competition approval, which was
\nconsidered highly probable. The group applied cash \ufb02ow hedge accounting to the highly probable forecast acquisition of this
\nadditional investment, hedging the exposure to future share price increases in Delivery Hero shares between the date the call
\noption was acquired, and the date approval was granted to acquire the additional shares. The additional investment in Delivery
\nHero was based on the fair value of the call option on the date that the approval was granted (US$817m) and the accumulated
\nlosses in the cash \ufb02ow hedge reserve (US$119m). The accumulated losses within the cash \ufb02ow hedge reserve were included in
\nthe cost of the investment, as based on the group\u2019s judgement the investment in associate is a non-\ufb01nancial asset. The resulting
\nadditional investment in Delivery Hero recognised after the basis adjustment was US$936m.
\nPrice risk sensitivity analysis
\nThe group has various listed investments measured at fair value through other comprehensive income. The group\u2019s sensitivity to a
\n10% decrease in the share price of these investments will result in a US$604m decrease in other comprehensive income (2022:
\nUS$477m). Refer to note 28 for details of the group\u2019s listed investments.
\n\n
\n\n
41.
Fair value of \ufb01nancial instruments
\nThe carrying values, net gains and losses recognised in pro\ufb01t or loss, total interest income, total interest expense and impairment
\nper class of \ufb01nancial instrument are as follows:
\n31 March 2023
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nincome
\nUS$\u2019m
\nImpairment
\nUS$\u2019m
\nAssets
\nOther investments
7 570
(99)
\u2013
\u2013
\nFinancial assets at fair value through pro\ufb01t or loss
34
(99)
\u2013
\u2013
\nFinancial assets at fair value through other comprehensive
\nincome
\n2
\n7 528
\u2013
\u2013
\u2013
\nOther loans and investments
\n3
\n8
\u2013
\u2013
\nReceivables and loans
\n3
\n1 719
(28)
38
36
\nTrade and \ufb01nancing receivables
659
\u2013
1
44
\nOther receivables
602
(30)
2
(7)
\nForeign currency intergroup receivables
\u2013
2
\u2013
\u2013
\nTrade and other receivables classi\ufb01ed as held for sale
164
\u2013
\u2013
(1)
\nRelated party receivables
294
\u2013
35
\u2013
\nDerivative \ufb01nancial instruments
\n1
\n5
10
\u2013
\u2013
\nForward exchange contracts
5
\u2013
\u2013
\u2013
\nCross-currency interest rate swap
\u2013
10
\u2013
\u2013
\nDerivatives contained in lease agreements
\u2013
\u2013
\u2013
\u2013
\nShort-term investments
\n3
\n6 726
(42)
160
\u2013
\nCash and cash equivalents classi\ufb01ed as held for sale
94
\u2013
\u2013
\u2013
\nCash and cash equivalents
\n1, 3
\n9 565
35
278
\u2013
\nTotal
25 679
(124)
476
36
\n1 Measured at fair value through pro\ufb01t or loss. Cash and cash equivalents include money market funds that are part of cash and cash equivalents.
\n2 During the year losses of US$158m (2022: US$1.2bn) was recognised in other comprehensive income with respect to the group\u2019s \ufb01nancial assets at fair value
\nthrough other comprehensive income.
\n3 Measured at amortised cost.
\n\n
\n
\n
31 March 2023
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nexpense
\nUS$\u2019m
\nLiabilities
\nLong-term liabilities
\n1
\n15 925
120
492
\nInterest-bearing: Capitalised lease liabilities
150
\u2013
2
\nInterest-bearing: Loans and other liabilities
15 596
118
490
\nNon-interest-bearing: Loans and other liabilities
22
\u2013
\u2013
\nLong-term liabilities classi\ufb01ed as held for sale
29
\u2013
\u2013
\nOther non-current liabilities
\n2
\n126
2
\u2013
\nRelated party loans and payables
2
\u2013
\u2013
\nShort-term payables and loans
\n1
\n3 076
5
41
\nInterest-bearing: Capitalised lease liabilities
54
1
5
\nInterest-bearing: Loans and other liabilities
325
1
7
\nNon-interest-bearing: Loans and other liabilities
88
\u2013
\u2013
\nTrade payables
356
\u2013
1
\nTrade payables classi\ufb01ed as held for sale
165
\u2013
\u2013
\nOther current liabilities
\n2
\n773
3
\u2013
\nAccrued expenses
1 243
(7)
28
\nAccrued expenses classi\ufb01ed as held for sale
66
\u2013
\u2013
\nRelated party loans and payables
6
3
\u2013
\nForeign currency intergroup payables
\u2013
4
\u2013
\nDerivative \ufb01nancial instruments
\n3
\n2
7
\u2013
\nForward exchange contracts
2
7
\u2013
\nDerivatives contained in lease agreements
\u2013
\u2013
\u2013
\nBank overdrafts
\n1
\n28
\u2013
22
\nTotal
19 031
132
555
\n1 Measured at amortised cost, except for earn-out obligations included in non-interest-bearing loans and other liabilities.
\n2 Includes written put option liabilities Refer to note 31.
\n3 Measured at fair value through pro\ufb01t or loss.
\nThe carrying values of all \ufb01nancial instruments, apart from those disclosed below, are considered to be a reasonable
\napproximation of their fair values. The carrying values of these \ufb01nancial instruments are considered to be a reasonable
\napproximation of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
\nmarket participants.
\nThe fair values of the group\u2019s publicly traded bonds are detailed below:
\nFinancial liabilities
\nCarrying
\nvalue
\nUS$\u2019m
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\n31 March 2023
\nPublicly traded bonds
\n1
\n15 377
12 009
\u2013
12 009
\u2013
\n31 March 2022
\nPublicly traded bonds
\n1
\n15 492
13 056
\u2013
13 056
\u2013
\n1 Refer to note 30 for further details on the publicly traded bonds.
\nThe fair values of the publicly traded bonds have been determined with reference to the listed prices of the instruments as at the
\nend of the reporting period. The fair values of the publicly traded bonds are level 2 \ufb01nancial instruments. The publicly traded
\nbonds are listed on the Irish Stock Exchange (Euronext Dublin).
\n\n
\n
\n
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nincome
\nUS$\u2019m
\nImpairment
\nUS$\u2019m
\nAssets
\nOther investments
5 981
3
\u2013
\u2013
\nFinancial assets at fair value through pro\ufb01t or loss
63
3
\u2013
\u2013
\nFinancial assets at fair value through other
\ncomprehensive\u00a0income
\n1
\n5 918
\u2013
\u2013
\u2013
\nReceivables and loans
\n3
\n1 354
31
13
17
\nTrade and \ufb01nancing receivables
461
(3)
\u2013
6
\nOther receivables
460
\u2013
1
11
\nRelated party receivables
433
34
12
\u2013
\nDerivative \ufb01nancial instruments
\n2
\n40
6
\u2013
\u2013
\nForward exchange contracts
27
\u2013
\u2013
\u2013
\nCross-currency interest rate swap
2
\u2013
\u2013
\u2013
\nDerivatives contained in lease agreements
11
6
\u2013
\u2013
\nShort-term investments
\n3
\n3 924
(63)
9
\u2013
\nCash and cash equivalents
\n2, 3
\n9 646
(29)
30
\u2013
\nTotal
20 945
(52)
52
17
\n1 During the year, losses of US$1.2bn were recognised in other comprehensive income with respect to the group\u2019s \ufb01nancial assets at fair value through other
\ncomprehensive income.
\n2 Measured at fair value through pro\ufb01t or loss. Cash and cash equivalents include money market funds that are part of cash and cash equivalents.
\n3 Measured at amortised cost.
\n
\n
\n
\n
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nexpense
\nUS$\u2019m
\nLiabilities
\nLong-term liabilities
\n1
\n16 007
68
386
\nInterest-bearing: Capitalised \ufb01nance leases
200
\u2013
8
\nInterest-bearing: Loans and other liabilities
15 611
68
378
\nNon-interest-bearing: Loans and other liabilities
50
\u2013
\u2013
\nOther non-current liabilities
\n2
\n144
\u2013
\u2013
\nRelated party loans and payables
2
\u2013
\u2013
\nShort-term payables and loans
\n1
\n2 900
26
5
\nInterest-bearing: Capitalised \ufb01nance leases
63
(1)
2
\nInterest-bearing: Loans and other liabilities
218
\u2013
2
\nNon-interest-bearing: Loans and other liabilities
31
\u2013
\u2013
\nTrade payables
549
(7)
\u2013
\nOther current liabilities
\n2
\n1 014
14
\u2013
\nAccrued expenses
1 017
6
1
\nRelated party loans and payables
8
\u2013
\u2013
\nForeign currency intergroup payables
\u2013
14
\u2013
\nDerivative \ufb01nancial instruments
\n3
\n20
7
\u2013
\nForward exchange contracts
18
8
\u2013
\nDerivatives contained in lease agreements
2
(1)
\u2013
\nBank overdrafts
\n1
\n18
\u2013
7
\nTotal
18 945
101
398
\n1 Measured at amortised cost, except for earn-out obligations included in non-interest-bearing loans and other liabilities.
\n2 Includes written put option liabilities Refer to note 31.
\n3 Measured at fair value through pro\ufb01t or loss.
\nThe group categorises fair value measurements into levels 1 to 3 of the fair value hierarchy based on the degree to which the
\ninputs used in measuring fair value are observable:
\n\u00bb
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets
\nor\u00a0liabilities.
\n\u00bb
Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). The fair value of \ufb01nancial
\ninstruments that are not traded in active markets (for example, derivatives such as interest rate swaps, forward exchange
\ncontracts and certain options) is determined through valuation techniques. These valuation techniques maximise the use of
\nobservable market data where it is available and rely as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs
\nrequired to measure the fair value of an instrument are observable, the instrument is included in level 2.
\n\u00bb
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
\nare\u00a0not based on observable market data (unobservable inputs).
\n\n
\n\n
Valuation techniques and key inputs used to measure signi\ufb01cant level 2 and level 3 fair values
\nLevel 2 fair value measurements
\n\u00bb
Forward exchange contracts
\u2013 in measuring the fair value of forward exchange contracts, the group makes use of market
\nobservable quotes of forward foreign exchange rates on instruments that have a maturity similar to the maturity pro\ufb01le of the
\ngroup\u2019s forward exchange contracts. Key inputs used in measuring the fair value of forward exchange contracts include: current
\nspot exchange rates, market forward exchange rates, and the term of the group\u2019s forward exchange contracts.
\n\u00bb
Cross-currency interest rate swap
\u2013 the fair value of the group\u2019s interest rate and cross-currency swaps is determined through
\nthe use of discounted cash \ufb02ow techniques using only market observable information. Key inputs used in measuring the fair
\nvalue of interest rate and cross-currency swaps include: spot market interest rates, contractually \ufb01xed interest rates, foreign
\nexchange rates, counterparty credit spreads, notional amounts on which interest rate swaps are based, payment intervals,
\nrisk-free interest rates, as well as the duration of the relevant interest rate and cross-currency swap arrangement.
\n\u00bb
Cash and cash equivalents
\u2013 relate to short-term bank deposits, which are money market funds held with major banking
\ngroups and high-quality institutions that have AAA money market fund credit ratings from internationally recognised ratings
\nagencies. The fair value of these deposits is determined by the amounts deposited and the gains or losses generated by the
\nfunds as detailed in the statements provided by these Institutions. The gains/losses are recognised in the consolidated income
\nstatement.
\n\u00bb
Financial assets at fair value
\u2013 relates to a contractual right to receive shares or cash. The fair value is based on a listed
\nshare price on the date the transaction was entered into.
\nLevel 3 fair value measurements
\n\u00bb
Financial assets at fair value
\u2013 relate predominantly to unlisted equity investments and the residual interest in the Naspers
\ngroup. The fair value of unlisted equity investments is based on the most recent funding transactions for these investments, a
\ndiscounted cash \ufb02ow calculation (DCF), or a weighted-income and market approach using a discounted cash \ufb02ow calculation and
\nmarket multiples. The unlisted equity investments based on a DCF or weighted-income and market approach relate to investments
\nin the Edtech segment. The fair value of these unlisted equity investments is based on the following unobservable inputs:
\n\u00bb
Revenue growth rates and EBITDA margins
\nRevenue growth rates and EBITDA margins are based on past experience and management\u2019s future expectations of business
\nperformance.
\n\u00bb
Growth rate
\nThe long-term growth rate is based on expectations for in\ufb02ation in the regions in which the business operates, the data is
\nsourced from publicly available information. The long-term growth rate is spread over a 10-year forecast period. The annual
\ngrowth rate used for revenue and expenses over the 10-year forecast period ranged between 2% to 6%.
\n\u00bb
Discount rate
\nThe discount rate used is a weighted average cost of capital. The weighted average cost of capital takes into account the cost
\nof equity and cost of debt. The cost of equity is based on a risk-free rate adjusted for speci\ufb01c risks such as a country risk and
\nequity risk premium. The cost of debt is based on the pre-tax cost of debt adjusted with a sovereign spread premium net of tax.
\nDiscount rates used ranged between 12% to 15%.
\n\u00bb
Terminal growth rate
\nThe terminal growth rate considered the steady growth rates that would appropriately extrapolate cash \ufb02ows beyond the
\nforecasted periods once the business segment has assumed to reach maturity. The terminal value assumes free cash \ufb02ow in
\nthe terminal period grows at the long-term growth rate and is then calculated using the Gordon Growth model. Terminal growth
\nrates used ranged between 1% to 5%.
\nFor our largest investment in the Edtech segment, a 1% increase in the discount rates would result in a decrease in the valuation
\nof this investment by US$53m and a 1% decrease in the discount rates would result in an increase in the valuation of this
\ninvestment by US$60m.
\nThe fair value of the residual interest in the Naspers group was assessed based on the sum of the parts considering the fair
\nvalue of the underlying components on a marketable and controlling basis, applying a consistent valuation model. The group
\nfurther applied a marketability discount (45%) to arrive at the fair value of the residual interest on a non-marketable and
\nnon-controlling basis (unit of account). A marketability discount factors in the indirect interest in the residual assets as Prosus
\ncannot directly or indirectly dispose of any Naspers shares without Naspers\u2019 approval and cannot direct the activities or decide
\non the distributions (be it dividends or the actual shares) from the residual interest in Naspers to its shareholders. A\u00a0movement
\nin the marketability discount rate of 1% will result in an increase or decrease of US$4m.
\n\u00bb
Derivatives contained in lease agreements
\u2013 relate to foreign currency forwards embedded in lease contracts. The fair value
\nof the derivatives is based on forward foreign exchange rates that have a maturity similar to the lease contracts and the
\ncontractually speci\ufb01ed lease payments.
\n\u00bb
Earn-out obligations
\u2013 relate to amounts that are payable to the former owners of businesses now controlled by the group,
\nprovided that contractually stipulated post-combination performance criteria are met. These are remeasured to fair value at the
\nend of each reporting period. Key inputs used in measuring fair value include: current forecasts of the extent to which
\n
\n
\n
\n
management believes performance criteria will be met, discount rates re\ufb02ecting the time value of money and contractually
\nspeci\ufb01ed earn-out payments.
\nInstruments not measured at fair value for which fair value is disclosed
\n\u00bb
Level 2
\u2013 the fair values of the publicly traded bonds have been determined with reference to the listed prices of the
\ninstruments at the reporting date. As the instruments are not actively traded, this is a level 2 disclosure.
\nThe fair values of the group\u2019s \ufb01nancial instruments that are measured at fair value at each reporting period are categorised
\nas\u00a0follows:
\n31 March 2023
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\nAssets
\nFinancial assets at fair value through other
\ncomprehensive income
7 528
6 044
\u2013
1 484
\nFinancial assets at fair value through pro\ufb01t or loss
34
4
\u2013
30
\nForward exchange contracts
5
\u2013
5
\u2013
\nCash and cash equivalents
\n1
\n447
\u2013
447
\u2013
\nTotal
8 014
6 048
452
1 514
\nLiabilities
\nForward exchange contracts
1
\u2013
1
\u2013
\nEarn-out obligations
109
\u2013
\u2013
109
\nTotal
110
\u2013
1
109
\n31 March 2022
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\nAssets
\nFinancial assets at fair value through other comprehensive
\nincome
5 918
4 765
\u2013
1 153
\nFinancial assets at fair value through pro\ufb01t or loss
63
19
\u2013
44
\nForward exchange contracts
27
\u2013
27
\u2013
\nDerivatives contained in lease agreements
11
\u2013
\u2013
11
\nCash and cash equivalents
\n1
\n928
\u2013
928
\u2013
\nCross-currency interest rate swap
2
\u2013
2
\u2013
\nTotal
6 949
4 784
957
1 208
\nLiabilities
\nForward exchange contracts
18
\u2013
18
\u2013
\nDerivatives contained in lease agreements
2
\u2013
\u2013
2
\nEarn-out obligations
20
\u2013
\u2013
20
\nTotal
40
\u2013
18
22
\n1 Relates to short-term bank deposits which are money market funds held with major banking groups and high-quality institutions that have AAA money market fund
\ncredit ratings from internationally recognised rating agencies.
\n\n\n
\n
The following table shows a reconciliation of the group\u2019s level 3 \ufb01nancial instruments:
\n31 March 2023
\nEarn-out
\nobligations
\nUS$\u2019m
\nFinancial
\nassets at
\nFVOCI
\n1
\nUS$\u2019m
\nDerivatives
\nembedded
\nin leases
\nUS$\u2019m
\nFinancial
\nassets at
\nFVPL
\n2
\nUS$\u2019m
\nBalance at 1 April 2022
(20)
1 153
9
44
\nAdditions
(96)
38
\u2013
41
\nTotal (losses)/gains recognised in the income statement
7
\u2013
\u2013
(11)
\nTotal losses recognised in other comprehensive income
\u2013
(270)
\u2013
\u2013
\nSettlements/disposals
\u2013
(65)
(9)
(35)
\nTransfer to held for sale
\u2013
\u2013
\u2013
(9)
\nForeign currency translation e\ufb00ects
\u2013
(4)
\u2013
\u2013
\nImpact of share exchange
\u2013
10
\u2013
\u2013
\nTransfers from investments in associates
\u2013
622
\u2013
\u2013
\nTotal
(109)
1 484
\u2013
30
\n31 March 2022
\nEarn-out
\nobligations
\nUS$\u2019m
\nFinancial
\nassets at
\nFVOCI
\n1
\nUS$\u2019m
\nDerivatives
\nembedded
\nin leases
\nUS$\u2019m
\nFinancial
\nassets at
\nFVPL
\n2
\nUS$\u2019m
\nBalance at 1 April 2021
(13)
133
7
16
\nAdditions
\u2013
967
\u2013
22
\nTotal gains/(losses) recognised in the income statement
(9)
\u2013
2
6
\nTotal gains recognised in other comprehensive income
\u2013
107
\u2013
\u2013
\nSettlements/disposals
1
(46)
\u2013
\u2013
\nForeign currency translation e\ufb00ects
1
2
\u2013
\u2013
\nTransfers
\u2013
(10)
\u2013
\u2013
\nTotal
(20)
1 153
9
44
\n1 Financial assets at fair value through other comprehensive income.
\n2 Financial assets at fair value through pro\ufb01t or loss.
\nThere was a transfer of US$nil (2022: US$4m) from level 2 to level 1 and a transfer of US$1m (2022: US$10m) from level 3 to
\nlevel\u00a01. There was another transfer of US$622m (2022: US$nil) to level 3 due to investments in associates that lost signi\ufb01cant
\nin\ufb02uence during the current year.
\n
\n
\n
\n
42.
Related party transactions and balances
\nThe group entered into transactions and has balances with a number of related parties, including equity-accounted investments,
\ndirectors (key management personnel), shareholders, and entities under common control. Transactions that are eliminated on
\nconsolidation as well as gains or losses eliminated through the application of the equity method are not included. The
\ntransactions and balances with related parties are summarised below:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nSale of goods and services to related parties
\n1
\nEMPG Holdings Limited
\u2013
12
\nMIH Holdings Proprietary Limited
11
12
\nBom Neg\u00f3cio Atividades de Internet Ltda (OLX Brasil)
28
14
\nSkillsoft Corp.
8
34
\nVarious other related parties
1
1
\n48
73
\n1 The group receives revenue from a number of its related parties in connection with service agreements. The nature of these related party relationships is that of
\nequity-accounted investments and subsidiaries of Naspers outside of the group.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nServices received from related parties
\n1
\nMIH Holdings Proprietary Limited
9
10
\nVarious related parties
2
1
\n11
11
\n1 The group receives corporate and other services rendered by a number of its related parties. The nature of these related party relationships is that of entities under
\nthe common control of the group\u2019s controlling parent, Naspers.
\nDuring the current year the group recharged US$11m (2022: US$12m) to Naspers companies in respect of services performed on
\ntheir behalf. In addition Naspers recharged costs of US$9m (2022: US$10m) to the group\u2019s companies.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nDividends paid to holding company
\nNaspers Limited
89
104
\n89
104
\n\n\n
\n
\n
The balances of receivables and payables between the group and related parties are as follows:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nLoans and receivables
\n1
\nMyriad/MIH (Malta) Limited
\u2013
6
\nMIH Holdings Proprietary Limited
5
1
\nBom Neg\u00f3cio Atividades de Internet Ltda (OLX Brasil)
\n2
\n150
219
\nMIH Treasury Services Proprietary Limited
11
16
\nMIH Internet Holding B.V. Share Trust
\n3
\n102
154
\nInversiones CMR S.A.S.
1
21
\nGoodGuyz Investments B.V.
6
6
\nSilvergate Capital Corporation
2
4
\nOther
17
6
\nLess:
Allowance for impairment of loans and receivables
\n4
\n\u2013
\u2013
\nTotal related party receivables
294
433
\nLess:
Non-current portion of related party receivables
(254)
(416)
\nCurrent portion of related party receivables
40
17
\n1 The group provides services and loan funding to a number of its related parties.
\n2 During the current year a portion of the loan was capitalised to the investment in joint venture. The loan is repayable by October 2035 and is interest free until April
\n2022. Subsequently, interest is charged annually at SELIC+2%.
\n3 Relates to related party loan -funding provided to Naspers group share trust for equity compensation plans. The loan is interest free and repayable in 2031, or upon
\nwinding up of the trust, if earlier. Cash \ufb02ows for this transaction are disclosed as investing activities in the condensed consolidated statement of cash \ufb02ows.
\n4 Impairment allowance for non-current receivables from related parties is based on a 12-month expected credit loss model and was not material.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nPayables
\nZitec Com SRL
3
2
\nMIH Holdings Proprietary Limited
3
3
\nMyriad/MIH (Malta) Limited
-
2
\nVarious other related parties
2
3
\nTotal related party payables
8
10
\nLess:
Non-current portion of related party payables
(2)
(2)
\nCurrent portion of related party payables
6
8
\nThere was no movement in the allowance for impairment of related party receivables during the year (2022: US$ nil).
\nTerms of signi\ufb01cant related party current receivables and payables
\nCurrent portion of related party payables amount to US$6m (2022: US$8m). The above current receivables and payables relate
\nprimarily to cost recharges to/by entities under the common control of Naspers Limited, the group\u2019s ultimate controlling parent.
\nThese current receivables and payables are interest free.
\n
\n
\n
\n
Shares held in holding company
\nAt 31 March 2023, as a result of the share exchange transaction and share repurchase programme, Prosus held 52.5% (2022:
\n49.5%) fully diluted interest, representing a 52.7% (2022: 49.9%) economic interest in Naspers. Prosus\u2019 legal ownership in Naspers
\nremains less than 50% as at 31 March 2023. The accounting for the share repurchase programme and the share exchange
\ntransaction takes into consideration the cross-holding agreement between Prosus and Naspers. The cross-holding agreement
\ngoverns how distributions between the two groups should be managed.
\nBased on the substance of the above transactions, the portion of the e\ufb00ective interest in Naspers that relates to Prosus\u2019
\nunderlying investments is accounted for as a shareholder distribution in equity. Only Prosus\u2019 residual interest in the Naspers group
\nis recognised as an investment at fair value through other comprehensive income on the consolidated statement of \ufb01nancial
\nposition.
\nForm June 2022, as part of the group\u2019s share repurchase programme, Prosus acquired an additional 4 152 285 Naspers N
\nordinary shares amounting to US$626m.
\nProsus\u2019 residual interest in the Naspers group amounting to US$206m is recognised as a FVOCI investment. Refer to note 28.
\nRefer to note 5 for details of the accounting treatment for the above transaction.
\nNaspers guarantees
\nThe group\u2019s bonds amounting to US$839m are guaranteed by Naspers Limited.
\nGroup equity contributions to Naspers share trusts
\nThe group made contributions to Naspers share trusts amounting to US$191m (2022: US$190m) during the current year.
\nDirectors\u2019 remuneration
\nThe executive directors received the following remuneration and emoluments:
\n2023
\nUS$\u2019000
\n2022
\nUS$\u2019000
\nExecutive directors
\n1
\nSalary
2 345
2 372
\nAnnual short-term incentive payments
1 774
1 585
\nDiscount-linked short-term incentive payments
\n2
\n4 873
\u2013
\nPension contributions and other bene\ufb01ts paid on behalf of director
227
223
\nShare-based payment expense
(101 763)
(22 705)
\nTotal
(92 544)
(18 525)
\n1 Executive directors\u2019 aggregate cost of their compensation is currently allocated 90% to Prosus and 10% to Naspers.
\n2 The discount-linked STI will be held and paid out after 31 March 2024 should the assessed discount be sustained or improved.
\nThe non-executive directors received the following remuneration and emoluments:
\n2023
\nUS$\u2019000
\n2022
\nUS$\u2019000
\nNon-executive directors
\n1
\nDirectors\u2019 fees
2 512
2 429
\nCommittee and trust fees
531
541
\nTotal
3 043
2 970
\n1 Non-executive directors receive no additional compensation for their dual responsibilities to Naspers and Prosus. However, the aggregate cost of their compensation
\nis currently allocated 70% to Prosus and 30% to Naspers.
\nKey management received the following remuneration:
\n2023
\nUS$\u2019000
\n2022
\nUS$\u2019000
\nKey management
\nShort-term employee bene\ufb01ts
17 194
17 901
\nPost-employment bene\ufb01ts
536
513
\nShare-based payment expense
33 722
65 534
\nTotal
51 452
83 948
\n\n
\n
\n
The group has not provided any personal loans, advances or guarantees to the executive, non-executive directors and/or key
\nmanagement personnel.
\nKey management excludes executive and non-executive directors\u2019 remuneration.
\nThe prior year\u2019s remuneration includes the remuneration of the former statutory directors until the date of resignation and the
\nremuneration of the newly appointed executive directors from the date of appointment.
\nDirectors\u2019 interest in Prosus shares
\nThe directors of Prosus (and their associates) had the following interests in Prosus A ordinary shares as at 31 March:
\n2023
2022
\nProsus ordinary shares A
Prosus ordinary shares A
\nBene\ufb01cial
Bene\ufb01cial
\nName
Direct
Indirect
Total
Direct
Indirect
Total
\nSJZ Pacak
\n1
\n\u2013
486
486
\u2013
486
486
\nJDT Stofberg
\n1
\n\u2013
810
810
\u2013
810
810
\nTotal
\u2013
1 296
1 296
\u2013
1 296
1 296
\n1 Shares acquired as a result of the unbundling by Naspers of all of its internet interests outside of South Africa into Prosus, listed on Euronext Amsterdam on
\n11\u00a0September 2019. As part of the implementation of the share exchange o\ufb00er approved by shareholders on 9 July 2021, additional ordinary shares A1 were
\nissued to holders of ordinary shares A1 on a pro rata basis on 16 August 2021.
\nThe directors of Prosus (and their associates) had the following interests in Prosus ordinary shares N as at 31 March:
\n2023
2022
\nProsus ordinary shares N
Prosus ordinary shares N
\nBene\ufb01cial
Bene\ufb01cial
\nName
Direct
Indirect
\n1
\nTotal
Direct
Indirect
Total
\nJP Bekker
\n2
\n\u2013
9 013 809
9 013 809
\u2013
11 513 809
11 513 809
\nH du Toit
\n2
\n5 111
\u2013
5 111
5 111
\u2013
5 111
\nCL Enenstein
\u2013
415
415
\u2013
415
415
\nFLN Letele
2 604
\u2013
2 604
2 604
\u2013
2 604
\nSJZ Pacak
\n3
\n460 911
693 086
1 153 997
460 911
747 086
1 207 997
\nV Sgourdos
\n4, 5
\n124 718
86 619
211 337
110 890
102 290
213 180
\nMR Sorour
3 955
442
4 397
3 955
442
4 397
\nJDT Stofberg
415 966
141 888
557 854
415 966
141 888
557 854
\nBJ van der Ross
\n6
\n\u2013
\u2013
\u2013
6 262
5 294
11 556
\nB van Dijk
\n7, 8
\n525 119
274 945
800 064
249 975
1 085 405
1 335 380
\nTotal
1 538 384
10 211 204
11 749 588
1 255 674
13 596 629
14 852 303
\n1 Prosus share options that have been released (vested), but have not yet been exercised, are included in the indirect column: Bob van Dijk \u2013 274 945
\n(2022:\u00a01\u00a0085\u00a0405). Basil Sgourdos \u2013 86 619 (2022: 102 290). Steve Pacak \u2013 nil (2022: 54 000).
\n2 Between 24 March 2023 and 28 March 2023, Koos Bekker\u2019s family trust sold a parcel of Prosus shares to fund building operations at hotels in various countries in
\nwhich the family trust has an interest. These shares were sold at a volume-weighted average price of \u20ac69.3312.
\n3 On 8 July 2022, Steve Pacak exercised 54 000 share options and the linked Prosus N.V. and MultiChoice Group Limited share options. These share options relate to
\n54 000 Naspers N ordinary share options, awarded on 7 September 2012.
\n4 On 25 January 2023, Basil Sgourdos exercised 27 360 share options and the linked Prosus N.V. share options. These share options related to 27 360 Naspers share
\noptions awarded on 11 July 2013.
\n5 On 7 December 2022, Basil Sgourdos exercised 16 279 Naspers PSUs and the linked Prosus PSUs awarded to him on 9 September 2019. He disposed of
\n2\u00a0451\u00a0Prosus shares to cover taxes and other related costs on market and took delivery of the remaining 13 828 Prosus shares.
\n6 Resigned as a director of Prosus and Naspers on 1 April 2022.
\n7 On 7 December 2022, Bob van Dijk exercised 31 395 Naspers PSUs and the linked Prosus PSUs awarded to him on 9 September 2019. He disposed of the entirety
\nof the award on market.
\n8 On 29 August, 30 August and 31 August 2022, Bob van Dijk exercised 832 000 Naspers share options and the linked Prosus share options. The share options were
\nawarded on 28 March 2014. 281 556 Prosus ordinary shares N have been disposed of to cover taxes and other related costs incurred on the exercise of the linked
\nProsus share options. 275 300 Prosus ordinary shares N were sold to realise cash. The remaining 275 144 Prosus ordinary shares N have been transferred to
\nhis\u00a0name.
\nAdditional information on the remuneration and share-based compensation of members of the board and the remuneration
\nof\u00a0key management is disclosed in the remuneration report.
\n
\n
\n
\n
43.
Commitments and contingencies
\nThe group is subject to commitments and contingencies, which occur in the normal course of business, including legal
\nproceedings and claims that cover a wide range of matters. The group plans to fund these commitments and contingencies out of
\nexisting facilities and internally generated funds.
\n(a) Capital expenditure
\nCommitments in respect of contracts placed for capital expenditure at 31 March 2023 amount to US$nil (2022:\u00a0US$nil).
\n(b) Other commitments
\nThe group entered into contracts for the receipt of various services. These service contracts are for the receipt of information
\ntechnology and computer support services, access to networks, consulting services and contractual relationships with customers,
\nsuppliers and employees. The group\u2019s commitments in respect of these agreements amount to US$306m (2022: US$132m).
\n(c) Lease commitments
\nLease commitments include the group\u2019s short-term lease arrangements as well as other contractual lease agreements whose
\ncommencement date is after 31 March 2023. Short-term lease commitments relate to leasing arrangements with lease terms of
\n12 months or less that are not recognised on the statement of \ufb01nancial position. The group has the following lease commitments
\nat 31 March:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nMinimum lease payments:
\nPayable in year one
1
5
\nPayable in year two
\u2013
3
\nPayable in year three
\u2013
2
\nPayable in year four
\u2013
2
\nPayable in year \ufb01ve
\u2013
2
\nPayable after \ufb01ve years
\u2013
3
\n1
17
\n(d) Litigation claims
\nTaxation matters
\nAs a global technology investor, the group\u2019s portfolio of businesses is well diversi\ufb01ed by sector and geography. The group
\noperates on a decentralised basis in numerous countries. Businesses are based in the countries where their operations, their
\nusers and consumers are. As a result, the group\u2019s businesses pay taxes locally, in the jurisdictions where they operate and where
\nthe group\u2019s products and services are consumed. Where relevant and appropriate, the group seeks advice and works with its
\nadvisers to identify and quantify contingent tax exposures. Our current assessment of possible tax exposures, including interest
\nand potential penalties, amounts to approximately US$191m (2022: US$nil).
\n(e) Assets pledged as collateral
\nThe group pledged property, plant and equipment, investments, cash and cash equivalents, trade receivables and other working
\ncapital as collateral against its secured long-term liabilities with an outstanding balance of US$466m (2022: US$318m). Refer to
\nnote 30 for further details.
\n44.
Subsequent events
\nEvents after the reporting period
\nAs part of the share repurchase programme announced in June 2022, Prosus acquired 27 741 167 Prosus ordinary shares N
\nfor\u00a0US$2.02bn and Naspers acquired 5 480 549 Naspers N ordinary shares for US$940m between April and 22 June 2023.
\nFurthermore, Naspers disposed of 10 591 976 Prosus ordinary shares N for US$766m between April and 22 June 2023. The group
\nwill account for this transaction in the same manner that it was accounted for in the year ended 31 March 2023.
\nThe group sold 46 789 700 shares of Tencent Holdings Limited (Tencent) between April and 22 June 2023 yielding US$2.05bn in
\nproceeds. An accurate estimate for the gain on disposal of these shares cannot be made until the corresponding equity-
\naccounted results for the period have been \ufb01nalised.
\nIn June 2023, the group received the requisite approval from the South African Reserve Bank for a proposed transaction in terms
\nof which the crossholding between Naspers and Prosus will be removed. The implementation of the proposed transaction will
\nenable the continuation of the share repurchase programme at the Naspers level. The proposed transaction is also intended to
\nremove the complexity created by the crossholding between Naspers and Prosus while keeping the Naspers and Prosus free-\ufb02oat
\ne\ufb00ective economic interests the same as they were prior to its implementation. This will be achieved through aligning the legal
\nownership in Prosus with the current respective free-\ufb02oat e\ufb00ective economic interests. The implementation of the proposed
\ntransaction is subject to the requisite regulatory and Naspers and Prosus shareholder and \ufb01nal board approvals being obtained.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20581": {
"value": "Prosus N.V.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20582": {
"value": "public company with limited liability",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20586": {
"value": "Symphony O\ufb03ces, Gustav Mahlerplein 5, 1082 MS Amsterdam, the Netherlands",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20587": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20588": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20589": {
"value": "Netherlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20591": {
"value": "Naspers Limited",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20592": {
"value": "Naspers Limited",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20596": {
"value": "The Prosus group is a global consumer internet group and one of the largest technology investors in the world.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20606": {
"value": "The consolidated \ufb01nancial statements for the year ended 31 March 2023 have been authorised for issue by the board of directors on 26 June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20607": {
"value": "2023-03-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20611": {
"value": "2.Basis of preparation
\nThe consolidated \ufb01nancial statements for the year ended 31 March 2023 have been prepared in accordance with International
\nFinancial Reporting Standards (IFRS) as adopted by the European Union (IFRS-EU), as well as the interpretations (IFRICs) of the
\nIFRS Interpretations Committee (IFRS IC) and the interpretations published by the Standing Interpretations Committee (SIC) as well
\nas the requirements under Dutch law, including Title 9 of Book 2 of the Dutch Civil Code.
\nThe principal accounting policies applied in the preparation of these consolidated and company \ufb01nancial statements have been
\nconsistently applied to all years presented, unless otherwise stated.
\nOperating segments
\nThe group\u2019s operating segments re\ufb02ect the components of the group that are regularly reviewed by the chief operating decision-
\nmaker (CODM) as de\ufb01ned in note 21 \u2018Segment information\u2019. The group proportionately consolidates its share of the results of its
\nassociates and joint ventures in its disclosure of segment results.
\nFrom 1 April 2022, following the operational separation from OLX Group, the CODM reviewed the \ufb01nancial results of Avito
\nseparately from the Classi\ufb01eds Ecommerce segment. The \ufb01nancial results of Avito are presented separately as a discontinued
\noperation in the operating segment information up until the date of disposal as a result of the group\u2019s decision to exit the Russian
\nbusiness.
\nIn March 2023, the group announced its decision to exit the OLX Autos business unit. The exit process is being executed for each
\noperation within the business unit in its local market. The business unit as a whole represents a separate major line of business,
\nboth in terms of the distinct nature of the business and its contribution to the operational performance of the group. As such, the
\noperations that are classi\ufb01ed as held for sale and the operations that are closed down by 31 March 2023 have been presented
\nas discontinued operations and are reviewed separately by the CODM. OLX Autos operations whose exit process has not been
\n\ufb01nalised as at 31 March 2023 are presented as continuing operations. These operations will be classi\ufb01ed as discontinued
\noperations in the \ufb01nancial year that the exit process is completed.
\nThe comparative \ufb01nancial results of Avito and the relevant operations in the OLX Autos business described above, previously
\npresented in the Classi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations to allow the
\ncurrent performance of the business to be compared with prior periods. The change has no impact on the total group revenue,
\nadjusted EBITDA and trading (loss)/pro\ufb01t in prior periods.
\nGoing concern
\nThe consolidated and company \ufb01nancial statements are prepared on the going-concern basis. Based on forecasts and available
\ncash resources, the group and company have adequate resources to continue operations as a going concern for the foreseeable
\nfuture. As at 31 March 2023, the group recorded US$16.2bn in cash, comprising US$9.5bn of cash and cash equivalents net of
\nbank overdrafts and US$6.7bn in short-term cash investments. The group had US$15.9bn of interest-bearing debt (excluding
\ncapitalised lease liabilities) and an undrawn US$2.5bn revolving credit facility. Refer to note 23 \u2018Share capital and premium
\n\u2013 capital management\u2019 for details of how the group manages its capital to safeguard its ability to continue as a going concern.
\nIn assessing going concern, the impact of internal and external economic factors on the group\u2019s operations and liquidity was
\nconsidered in preparing the forecasts and in assessing the group\u2019s actual performance against budget. The board is of the
\nopinion that the group has su\ufb03cient \ufb01nancial \ufb02exibility to continue as a going concern in the year subsequent to the date of these
\nconsolidated and company \ufb01nancial statements.
\n
\n
\n
\n
\n
\n
\n
\nForeign currencies
\nThe consolidated \ufb01nancial statements are presented in US dollar (US$) which is the group\u2019s presentation currency. However, the
\ngroup measures the transactions of its operations using the functional currency determined for that speci\ufb01c operating entity which
\nis the currency of the primary economic environment in which the operation conducts its business.
\nHyperin\ufb02ation
\nIn June 2022, the International Monetary Fund declared Turkey as a hyperin\ufb02ationary economy. Accordingly, the group applied
\nthe hyperin\ufb02ationary accounting requirements of IAS 29
Financial Reporting in Hyperin\ufb02ationary Economies
for the group\u2019s
\nsubsidiaries in Turkey. As the presentation currency of the group is that of a non-hyperin\ufb02ationary economy, comparative amounts
\nare not adjusted for changes in the price level or exchange rates in the current year.
\nOn initial application of hyperin\ufb02ationary accounting, opening equity for the group\u2019s subsidiaries is restated by applying a
\ngeneral price index from the date transactions arose. These restatements are recognised directly in equity. Subsequent to initial
\napplication, all components of equity are restated by applying a general price index from the beginning of the period or the date
\nof contribution, if later. The restatement of opening equity on initial application is not material.
\nThe results, cash \ufb02ows and \ufb01nancial position for the group\u2019s subsidiaries in Turkey are adjusted using a general price index to
\nre\ufb02ect the current purchasing power at the end of the reporting period. The carrying amounts of non-monetary assets and
\nliabilities are adjusted to re\ufb02ect the change in the general price index from the date of acquisition of these subsidiaries to the
\nend of the reporting period. The gain or loss on the net monetary position from translation of the \ufb01nancial information is
\nrecognised in the consolidated income statement, except for goodwill, other intangible assets, and deferred tax liabilities arising
\nat acquisition of these subsidiaries. The impact of the gain on the net monetary position in the consolidated income statement is
\nnot material.
\nGoodwill, other intangible assets and deferred tax liabilities arising at acquisition of these subsidiaries are restated using the
\ngeneral price index at the end of the reporting period. The gain or loss on the net monetary position from the adjustment to these
\nassets and liabilities is recognised in other comprehensive income and accumulated in the foreign currency translation reserve in
\nequity.
\nThe general price index as published by the Turkish Statistical Institute was used in adjusting the results, cash \ufb02ows and \ufb01nancial
\nposition for the group\u2019s subsidiaries in Turkey up to 31 March 2023. The general price in\ufb02ation factor up to 31 March 2023 was
\n275.99%.
\nAccounting policy
\nForeign currency transactions
\nForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
\nof the transactions or the dates of the valuations where items are remeasured. Foreign exchange gains and losses
\nresulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary
\nassets and liabilities denominated in foreign currencies are recognised in the consolidated income statement, except
\nwhen deferred in the consolidated statement of other comprehensive income as part of qualifying cash \ufb02ow hedges.
\nTranslation di\ufb00erences on non-monetary \ufb01nancial assets and liabilities are reported as part of the fair value gain or loss
\nrecognised in \u2018Other \ufb01nance income \u2013 net\u2019 in the income statement. Translation di\ufb00erences on non-monetary equity
\ninvestments classi\ufb01ed at fair value through other comprehensive income are recognised in the consolidated statement of
\nother comprehensive income and accumulated in the valuation reserve as part of the fair value remeasurement of
\nsuch\u00a0items.
\nThe results and \ufb01nancial position of all foreign operations (except for those which operate in a hyperin\ufb02ationary
\neconomy) that have a functional currency that is di\ufb00erent from the group\u2019s presentation currency are translated into the
\npresentation currency as follows:
\n\u00bb
Assets and liabilities are translated at the closing rate at the reporting date.
\n\u00bb
Income and expenses are translated at average exchange rates (unless this average is not a reasonable
\napproximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and
\nexpenses are translated at the spot rate on the dates of the transactions).
\n\u00bb
The nominal amount of share capital is translated at the closing rate in terms of Dutch law. Exchange di\ufb00erences on
\ntranslation are recognised directly in retained earnings.
\n\u00bb
All other resulting exchange di\ufb00erences except equity are recognised in the consolidated statement of other
\ncomprehensive income and accumulated in the \u2018Foreign currency translation reserve\u2019 in the consolidated statement of
\nchanges in equity.
\nForeign operations
\nThe group recognises foreign exchange di\ufb00erences relating to monetary items that form part of its net investment in its
\nforeign operations in the consolidated statement of other comprehensive income where settlement of the item is neither
\nplanned nor likely to take place in the foreseeable future. When a foreign operation is disposed of, the accumulated
\nforeign exchange di\ufb00erences are reclassi\ufb01ed to the consolidated income statement, as part of the gain or loss on sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20612": {
"value": "2.Basis of preparation
\nThe consolidated \ufb01nancial statements for the year ended 31 March 2023 have been prepared in accordance with International
\nFinancial Reporting Standards (IFRS) as adopted by the European Union (IFRS-EU), as well as the interpretations (IFRICs) of the
\nIFRS Interpretations Committee (IFRS IC) and the interpretations published by the Standing Interpretations Committee (SIC) as well
\nas the requirements under Dutch law, including Title 9 of Book 2 of the Dutch Civil Code.
\nThe principal accounting policies applied in the preparation of these consolidated and company \ufb01nancial statements have been
\nconsistently applied to all years presented, unless otherwise stated.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20617": {
"value": "The consolidated \ufb01nancial statements for the year ended 31 March 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (IFRS-EU), as well as the interpretations (IFRICs) of the
\nIFRS Interpretations Committee (IFRS IC) and the interpretations published by the Standing Interpretations Committee (SIC) as well
\nas the requirements under Dutch law, including Title 9 of Book 2 of the Dutch Civil Code.
\nThe principal accounting policies applied in the preparation of these consolidated and company \ufb01nancial statements have been
consistently applied to all years presented, unless otherwise stated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20646": {
"value": "Going concern The consolidated and company \ufb01nancial statements are prepared on the going-concern basis. Based on forecasts and available
\ncash resources, the group and company have adequate resources to continue operations as a going concern for the foreseeable
\nfuture. As at 31 March 2023, the group recorded US$16.2bn in cash, comprising US$9.5bn of cash and cash equivalents net of
\nbank overdrafts and US$6.7bn in short-term cash investments. The group had US$15.9bn of interest-bearing debt (excluding
\ncapitalised lease liabilities) and an undrawn US$2.5bn revolving credit facility. Refer to note 23 \u2018Share capital and premium
\n\u2013 capital management\u2019 for details of how the group manages its capital to safeguard its ability to continue as a going concern.
\nIn assessing going concern, the impact of internal and external economic factors on the group\u2019s operations and liquidity was
\nconsidered in preparing the forecasts and in assessing the group\u2019s actual performance against budget. The board is of the
\nopinion that the group has su\ufb03cient \ufb01nancial \ufb02exibility to continue as a going concern in the year subsequent to the date of these
\nconsolidated and company \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20704": {
"value": "Foreign currencies
\nThe consolidated \ufb01nancial statements are presented in US dollar (US$) which is the group\u2019s presentation currency. However, the
\ngroup measures the transactions of its operations using the functional currency determined for that speci\ufb01c operating entity which
\nis the currency of the primary economic environment in which the operation conducts its business.
Foreign currency transactions Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
\nof the transactions or the dates of the valuations where items are remeasured. Foreign exchange gains and losses
\nresulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary
\nassets and liabilities denominated in foreign currencies are recognised in the consolidated income statement, except
\nwhen deferred in the consolidated statement of other comprehensive income as part of qualifying cash \ufb02ow hedges.
\nTranslation di\ufb00erences on non-monetary \ufb01nancial assets and liabilities are reported as part of the fair value gain or loss
\nrecognised in \u2018Other \ufb01nance income \u2013 net\u2019 in the income statement. Translation di\ufb00erences on non-monetary equity
\ninvestments classi\ufb01ed at fair value through other comprehensive income are recognised in the consolidated statement of
\nother comprehensive income and accumulated in the valuation reserve as part of the fair value remeasurement of
\nsuch\u00a0items.
\nThe results and \ufb01nancial position of all foreign operations (except for those which operate in a hyperin\ufb02ationary
\neconomy) that have a functional currency that is di\ufb00erent from the group\u2019s presentation currency are translated into the
\npresentation currency as follows:
\n\u00bb
Assets and liabilities are translated at the closing rate at the reporting date.
\n\u00bb
Income and expenses are translated at average exchange rates (unless this average is not a reasonable
\napproximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and
\nexpenses are translated at the spot rate on the dates of the transactions).
\n\u00bb
The nominal amount of share capital is translated at the closing rate in terms of Dutch law. Exchange di\ufb00erences on
\ntranslation are recognised directly in retained earnings.
\n\u00bb
All other resulting exchange di\ufb00erences except equity are recognised in the consolidated statement of other
\ncomprehensive income and accumulated in the \u2018Foreign currency translation reserve\u2019 in the consolidated statement of
\nchanges in equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20734": {
"value": "Accounting policy
\nForeign currency transactions
\nForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
\nof the transactions or the dates of the valuations where items are remeasured. Foreign exchange gains and losses
\nresulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary
\nassets and liabilities denominated in foreign currencies are recognised in the consolidated income statement, except
\nwhen deferred in the consolidated statement of other comprehensive income as part of qualifying cash \ufb02ow hedges.
\nTranslation di\ufb00erences on non-monetary \ufb01nancial assets and liabilities are reported as part of the fair value gain or loss
\nrecognised in \u2018Other \ufb01nance income \u2013 net\u2019 in the income statement. Translation di\ufb00erences on non-monetary equity
\ninvestments classi\ufb01ed at fair value through other comprehensive income are recognised in the consolidated statement of
\nother comprehensive income and accumulated in the valuation reserve as part of the fair value remeasurement of
\nsuch\u00a0items.
\nThe results and \ufb01nancial position of all foreign operations (except for those which operate in a hyperin\ufb02ationary
\neconomy) that have a functional currency that is di\ufb00erent from the group\u2019s presentation currency are translated into the
\npresentation currency as follows:
\n\u00bb
Assets and liabilities are translated at the closing rate at the reporting date.
\n\u00bb
Income and expenses are translated at average exchange rates (unless this average is not a reasonable
\napproximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and
\nexpenses are translated at the spot rate on the dates of the transactions).
\n\u00bb
The nominal amount of share capital is translated at the closing rate in terms of Dutch law. Exchange di\ufb00erences on
\ntranslation are recognised directly in retained earnings.
\n\u00bb
All other resulting exchange di\ufb00erences except equity are recognised in the consolidated statement of other
\ncomprehensive income and accumulated in the \u2018Foreign currency translation reserve\u2019 in the consolidated statement of
\nchanges in equity.
\nForeign operations
\nThe group recognises foreign exchange di\ufb00erences relating to monetary items that form part of its net investment in its
\nforeign operations in the consolidated statement of other comprehensive income where settlement of the item is neither
\nplanned nor likely to take place in the foreseeable future. When a foreign operation is disposed of, the accumulated
\nforeign exchange di\ufb00erences are reclassi\ufb01ed to the consolidated income statement, as part of the gain or loss on sale.
Basis of consolidation Accounting policy
\nThe \ufb01nancial statements include the results of Prosus and its subsidiaries, associated companies and joint ventures.
\nSubsidiaries
\nSubsidiaries are entities over which the group has control. The existence and e\ufb00ect of potential voting rights are
\nconsidered when assessing whether the group controls another entity to the extent that those rights are substantive.
\nSubsidiaries are consolidated from the date on which control is obtained (acquisition date) up to the date control
\nceases. For certain entities, the group has entered into contractual arrangements that allow the group to control such
\nentities. Because the group controls such entities, they are consolidated in the \ufb01nancial statements.
\nIntergroup transactions, balances and unrealised gains and losses are eliminated on consolidation.
\nBusiness combinations
\nBusiness combinations are accounted for using the acquisition method. The consideration transferred in an acquisition of
\na business (acquiree) comprises the fair values of the assets transferred, the liabilities assumed, the equity interests
\nissued by the group and the fair value of any contingent consideration arrangements where applicable. If the contingent
\nconsideration is classi\ufb01ed as equity, it is not subsequently remeasured and settlement is accounted for within equity.
\nOtherwise, subsequent changes to the fair value of the contingent consideration are recognised in the consolidated
\nincome statement.
\nFor each business combination, the group measures the non-controlling interest in the acquiree at the non-controlling
\ninterest\u2019s proportionate share of the acquiree\u2019s identi\ufb01able net assets. Costs related to the acquisition, other than those
\nassociated with the issue of debt or equity securities, are expensed as incurred.
\nWhere a business combination is achieved in stages, the group\u2019s previously held equity interest in the acquiree is
\nremeasured to fair value as at the acquisition date through the consolidated income statement. The fair value of the
\ngroup\u2019s previously held equity interest forms part of the consideration transferred in the business combination at the
\nacquisition date.
\nWhen a selling shareholder is required to remain in the group\u2019s employment subsequent to a business combination,
\nretention agreements are recognised as employee bene\ufb01t arrangements where applicable and dealt with in terms of
\nthe accounting policy for employee or equity-compensation bene\ufb01ts.
\nGoodwill
\nGoodwill in a business combination is recognised at the acquisition date when the consideration transferred and the
\nrecognised amount of non-controlling interests exceed the fair value of the net identi\ufb01able assets of the entity acquired.
\nIf the consideration transferred is lower than the fair value of the identi\ufb01able net assets of the acquiree (a bargain
\npurchase), the di\ufb00erence is recognised in the consolidated income statement. The gain or loss arising on the disposal of
\nan entity is calculated after consideration of attributable goodwill.
\nTransactions with non-controlling shareholders
\nNon-controlling shareholders are equity participants of the group and transactions with non-controlling shareholders are
\ntherefore accounted for in equity and included in the consolidated statement of changes in equity, where the transaction
\ndoes not result in the loss of control of a subsidiary. In transactions with non-controlling shareholders, the excess of the
\ncost/proceeds of the transaction over the group\u2019s proportionate share of the net asset value acquired/disposed is
\nallocated to the Existing control business combination reserve in equity. Refer to \ufb01nancial assets and liabilities for the
\ngroup\u2019s accounting policy regarding written put options over non-controlling interests.
\nCommon control transactions
\nBusiness combinations in which all of the combining entities or businesses are ultimately controlled by the same party or
\nparties both before and after the business combination (and where that control is not transitory) are referred to as
\ncommon control transactions. The accounting policy for the acquiring entity would be to account for the transaction at
\nbook value in its consolidated \ufb01nancial statements. The book value of the acquired entity is the consolidated book value
\nas re\ufb02ected in the consolidated \ufb01nancial statements of Naspers. The excess of the cost of the transaction over the
\nacquirer\u2019s proportionate share of the net asset value acquired in common control transactions, will be allocated to the
\nexisting control business combination reserve in the consolidated statement of changes in equity.
\nThe group applies the above common control accounting policy to distributions of non-cash assets that are ultimately
\ncontrolled by the same party or parties both before and after the distribution.
\nAssociates and joint ventures
\nInvestments in associated companies (associates) and joint ventures are accounted for in terms of the equity method.
\nAssociates are entities over which the group exercises signi\ufb01cant in\ufb02uence, but which it does not control or jointly control.
\nJoint ventures are arrangements in which the group contractually shares control over an activity with others and in which
\nthe parties have rights to the net assets of the arrangement.
Most major foreign associates and joint ventures do not have year-ends that are coterminous with that of the group, and
\nthe group\u2019s accounting policy is to account for an appropriate lag period in reporting their results where it is impractical
\nfor the associates and joint ventures to provide relevant information in time. Signi\ufb01cant transactions and events occurring
\nbetween the investees\u2019 and the group\u2019s March year-end are taken into account.
\nUnrealised gains or losses on transactions between the group and its associates and joint ventures are eliminated to the
\nextent of the group\u2019s interest in the relevant associate or joint venture, except where the loss is indicative of impairment
\nof assets transferred.
\nThe group\u2019s share of other comprehensive income and other changes in net assets of associates and joint ventures is
\nrecognised in the consolidated statement of comprehensive income.
\nFor acquisitions of associates and joint ventures achieved in stages, the group measures the cost of its investment as the
\nsum of the consideration paid for each purchase plus a share of the investee\u2019s pro\ufb01ts and other equity movements.
\nOther comprehensive income recognised in prior periods accumulated in the valuation reserve in relation to the
\npreviously held stake in investee is realised and transferred to retained earnings. Acquisition-related costs form part of
\nthe investment in the associate or joint venture.
\nWhen the group increases its shareholding in an associate or joint venture and continues to exercise signi\ufb01cant in\ufb02uence
\nor to exert joint control over the investee, the cost of the additional investment is added to the carrying value of the
\ninvestee. The acquired share in the investee\u2019s identi\ufb01able net assets, as well as goodwill arising, is calculated using fair
\nvalue information at the date of acquiring the additional interest. Goodwill is included in the carrying value of the
\ninvestment in the associate or joint venture.
\nPartial disposals of associates and joint ventures that do not result in a loss of signi\ufb01cant in\ufb02uence or joint control are
\naccounted for as dilutions. Dilution gains and losses are recognised in the consolidated income statement. The group\u2019s
\nproportionate share of gains or losses previously recognised in the consolidated statement of other comprehensive
\nincome by associates and joint ventures is reclassi\ufb01ed to the consolidated income statement when a dilution occurs if
\nthe gains or losses are required to be reclassi\ufb01ed to the consolidated income statement in terms of the applicable
\naccounting standard.
\nWhen the group increases its shareholding in an associate as a result of a share repurchase programme by the
\nassociate, the increase in the ownership interest impacts the components within the carrying amount of the investment.
\nA\u00a0share repurchase programme by the associate decreases the net asset value of the associate. The excess of the
\ngroup\u2019s share of the decrease in net asset value of the associate over the increase in its share of net assets of the
\nassociate (as a result of the increased shareholding) is recognised as notional goodwill within the carrying value of the
\ninvestment.
\nWhere an associate or joint venture holds equity in the group, the carrying amount of the investment in the associate
\nor\u00a0joint venture is adjusted by an amount representing the group\u2019s indirect holding in its own equity because of the
\ncrossholding. The amount of the group\u2019s share of the associate\u2019s or joint venture\u2019s results is determined after eliminating,
\nfrom the associate\u2019s or joint venture\u2019s results, any income or dividends received by the associate or joint venture from
\nthe\u00a0group.
\nEach associate and joint venture is assessed for impairment indicators at each reporting date as a single asset.
\nImpairment indicators considered will include poor performance of the associate and joint venture on a consistent basis
\nand/or other signi\ufb01cant changes to the business that may indicate that the equity-accounted investment is impaired.
\nIf there is an indicator that it is impaired, the carrying value of the group\u2019s investment in the associate or joint venture is
\nadjusted to its recoverable amount determined as the higher of its fair value less costs of disposal and its value in use.
\nThe resulting impairment loss is included in \u2018Impairment of equity-accounted investments\u2019 in the consolidated income
\nstatement.
\nWhere the group contributes a non-monetary asset (including a business) to an investee in exchange for an interest in
\nthat investee that is equity accounted, the gain or loss arising on the remeasurement of the contributed non-monetary
\nasset to fair value is recognised in the consolidated income statement only to the extent of other parties\u2019 interests in the
\ninvestee. The gain or loss is eliminated against the carrying value of the investment in the associate or joint venture to
\nthe extent of the group\u2019s interest.
\nDisposals
\nWhen the group ceases to have control (subsidiaries), exercise signi\ufb01cant in\ufb02uence (associates) or exert joint control
\n(joint ventures), the retained interest is remeasured to its fair value, with the change in the carrying value recognised in
\nthe consolidated income statement. This fair value is the initial carrying amount for the purposes of subsequent
\naccounting for the retained interest. In addition, the amounts previously recognised in other comprehensive income in
\nrespect of the entity disposed are accounted for as if the group had directly disposed of the related assets or liabilities.
\nThis may mean that amounts previously recognised in other comprehensive income are reclassi\ufb01ed to the consolidated
\nincome statement.
Impairment of goodwill
\nGoodwill is tested annually for impairment or more frequently if change in circumstance indicates that it may be
\nimpaired. Goodwill is carried at cost less accumulated impairment losses.
\nGoodwill is allocated to cash-generating units for purposes of impairment testing. An impairment test is performed by
\ndetermining the recoverable amount of the cash-generating unit to which the goodwill relates. The recoverable amount
\nof a cash-generating unit or individual asset is the higher of its value in use and its fair value less costs of disposal.
\nWhere the recoverable amount is less than the carrying amount, an impairment loss is recognised in Other (losses)/
\ngains \u2013 net in the consolidated income statement. Impairment losses recognised on goodwill are not reversed in
\nsubsequent periods.
13.
Revenue
\nAccounting policy
\nRevenue disclosed in the consolidated income statement includes revenue from contracts with customers and other
\nrevenue not in the scope of IFRS 15.
\nRevenue from contracts with customers
\nRevenue from contracts with customers is derived from the sale of goods and rendering of services. Revenue is
\nmeasured based on the transaction price speci\ufb01ed in the contract with the customer. The group recognises revenue
\nwhen (or as) it transfers control of goods and/or services to its customers, which is when speci\ufb01c criteria have been met
\nfor each of the group\u2019s activities as described below. Revenue is recognised at the amount the group expects to be
\nentitled to in exchange for the goods and/or services transferred to customers.
\nRevenue is shown net of value added tax (VAT), returns, rebates and discounts. For contracts that permit returns, rebates
\nor discounts, revenue is recognised only to the extent that it is highly probable that a signi\ufb01cant reversal of revenue will
\nnot occur as a result of such items. The amount of revenue recognised is adjusted for expected returns, rebates or
\ndiscounts which are estimated based on the group\u2019s historical experience and taking into consideration the type of
\ncustomer, the type of transaction and the speci\ufb01c terms of each arrangement. The right to return goods is measured at
\nthe former carrying amount of the inventory less expected costs to recover goods where applicable.
\nWhere contracts include multiple goods and/or services, the transaction price is allocated to each distinct goods or
\nservice (or performance obligation) based on respective stand-alone selling prices. Where stand-alone selling prices
\nare not directly observable, they are estimated.
\nThe group identi\ufb01es all parties that are integral to it generating revenue on its online platforms as its customers and,
\naccordingly, incentives (including cash discounts and discount vouchers/coupons) provided to any party transacting on
\nthe platform are treated as a reduction of revenue.
\nThe group considers, for each contract with a customer, whether it is a principal or an agent. The group regards itself as
\nthe principal in a transaction where it controls a promised goods or service before the goods or service is transferred to
\na customer. Where the group is the principal in a transaction, it recognises revenue in the gross amount of consideration
\nto which it expects to be entitled. Where the group is in capacity of an agent, it recognises revenue on a net basis.
\nRevenue earned, but for which the group\u2019s right to the consideration is not yet unconditional, is presented as accrued
\nincome as part of other receivables in the statement of \ufb01nancial position. Payments received in advance from contracts
\nwith customers represent an obligation to transfer future goods and/or services and are presented as part of accrued
\nexpenses and other liabilities in the statement of \ufb01nancial position.
\nThe group is not party to contracts where the period between the transfer of goods and/or services and payment
\nexceeds one year. Consequently, the group does not adjust its transaction prices for \ufb01nancing components.
\nRevenue recognition for the group\u2019s major revenue streams is outlined below in the following paragraphs:
\nEcommerce revenue
\nRevenue represents amounts received or receivable from customers relating to online goods sold on the group\u2019s etail
\nand other internet platforms and from services rendered. Services rendered include advertising, classi\ufb01eds listing
\nrevenue, payment transaction commissions and fees, food-delivery revenue, educational technology revenue, mobile and
\nother content revenue.
\nSale of goods
\nRevenue from goods sold is recognised when the goods are delivered and accepted by the customer.
\nClassi\ufb01eds listings
\nThe group recognises classi\ufb01eds listings and related feature fees over the feature period or on listing of an item for sale
\ndepending on the nature of the feature purchased. Success fees and other relevant commissions are recognised when
\na\u00a0transaction is completed on the group\u2019s websites.
\nPayments and \ufb01ntech, food-delivery and mobile content
\nPayments and \ufb01ntech, food-delivery and mobile content revenues are recognised once a transaction is completed and is
\nbased on the applicable fee for each transaction performed.
\nEducational technology revenue
\nEducational technology revenues are recognised over the period in which the online educational content is provided for
\nor when the online educational content is provided depending on the nature of the educational content purchased.
Advertising revenues
\nThe group mainly derives advertising revenues from advertisements shown online on its websites and instant-messaging
\nwindows. Online advertising revenues are recognised over the period in which the advertisements are displayed using a
\ntime-based measure.
\nInterest income revenue
\nInterest income revenue is \ufb01nance income generated from the group\u2019s credit business across various segments, including
\nthe Payments and Fintech segment. The credit business provides \ufb01nancing for goods sold and credit o\ufb00erings provided.
\nInterest income revenue is recognised using the e\ufb00ective interest rate method, taking into account the expected timing
\nand amount of cash \ufb02ows. The e\ufb00ective interest rate method is a method of calculating the amortised cost of the
\ufb01nancial asset receivable, recognised when the funding is provided to customers. 14.
Expenses by nature
\nEmployee bene\ufb01ts
\nAccounting policies
\nRetirement bene\ufb01ts
\nThe group provides retirement bene\ufb01ts to its eligible employees, primarily by means of monthly contributions to a
\nnumber of de\ufb01ned contribution pension and provident funds. The assets of these funds are generally held in separate
\ntrustee-administered funds. The group\u2019s contributions to retirement funds are recognised as an expense in the period
\nin\u00a0which employees render the related service.
\nMedical aid bene\ufb01ts
\nThe group\u2019s contributions to medical aid bene\ufb01t funds for employees are recognised as an expense in the period
\nin\u00a0which the employees render services to the group.
\nPost-employment bene\ufb01ts
\nSome group companies provide post-employment bene\ufb01ts to their retirees. The entitlement to post-employment
\nhealthcare bene\ufb01ts is subject to the employee remaining in service up to retirement age and completing a minimum
\nservice period. The expected costs of these bene\ufb01ts are accrued over the minimum service period. Independent
\nactuaries carry out annual valuations of these obligations. All remeasurements resulting from experience adjustments
\nand changes in actuarial assumptions are recognised immediately in other comprehensive income. These obligations
\nare unfunded.
\nTermination bene\ufb01ts
\nThe group recognises termination bene\ufb01ts when it is demonstrably committed to either terminate the employment of
\nemployees before the normal retirement date, or provide termination bene\ufb01ts as a result of an o\ufb00er made to encourage
\nvoluntary redundancy.
\nWhere termination bene\ufb01ts fall due more than 12 months after the reporting period, they are discounted. In the case
\nof\u00a0an o\ufb00er made to encourage voluntary redundancy, the measurement of termination bene\ufb01ts is based on the number
\nof employees expected to accept the o\ufb00er. Termination bene\ufb01ts are immediately recognised as an expense in the
\nconsolidated income statement.
19.
Taxation
\nAccounting policy
\nTax expense
\nThe tax expense for the period comprises current and deferred tax. Tax is recognised in the consolidated income
\nstatement, except to the extent that it relates to items recognised in the consolidated statement of other comprehensive
\nincome or directly in equity. In such cases, the related tax is also recognised in the consolidated statement of other
\ncomprehensive income or directly in equity respectively.
\nCurrent income tax
\nThe statutory Dutch corporate tax rate applicable to Prosus for the year ended 31 March 2023 is 25.8% (2022: 25.8%).
\nThe current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
\nconsolidated statement of \ufb01nancial position date in the countries where the group operates and generates taxable
\nincome. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
\ntax regulations are subject to interpretation. It accounts for uncertain tax positions where appropriate, on the basis of
\namounts expected to be paid to the tax authorities. International tax rates vary from jurisdiction to jurisdiction.
20.
Deferred taxation
\nAccounting policy
\nDeferred tax assets and liabilities have been calculated using tax rates (and laws) that have been enacted or
\nsubstantively enacted by the statement of \ufb01nancial position date, being the rates, the group expects to apply to the
\nperiods in which the assets are realised or the liabilities are settled.
\nDeferred taxation is provided on the taxable or deductible temporary di\ufb00erences arising between the tax bases of
\nassets and liabilities and their carrying values for \ufb01nancial reporting purposes. However, deferred tax liabilities are not
\nrecognised if they arise from the initial recognition of goodwill or from the initial recognition of an asset or liability in a
\ntransaction, other than a business combination, that, at the time of the transaction, a\ufb00ects neither the accounting nor the
\ntaxable pro\ufb01t or loss. Deferred tax assets are recognised to the extent that it is probable that future taxable pro\ufb01t will be
\navailable against which deductible temporary di\ufb00erences and unused tax losses can be utilised.
\nDeferred tax liabilities are provided for temporary di\ufb00erences arising on investments in subsidiaries, associates and joint
\nventures, except where the timing of the reversal of the temporary di\ufb00erence is controlled by the group and it is
\nprobable that the temporary di\ufb00erence will not reverse in the foreseeable future.
21.
Segment information
\nAccounting policy
\nOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating
\ndecision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the
\noperating segments, has been identi\ufb01ed as the executive directors that make strategic decisions. The group
\nproportionately consolidates its share of the results of its associates and joint ventures in the various reportable
\nsegments. This is considered to provide additional information on the economic value of these investments.
22.
Earnings per share and equity
\nAccounting policy
\nEarnings per share
\nBasic earnings per share is calculated by dividing the pro\ufb01t attributable to equity holders of the group by the weighted
\naverage ordinary shares outstanding during the \ufb01nancial year, excluding treasury shares.
\nDiluted earnings per share adjust the \ufb01gures used in the determination of basic earnings per share to take into account:
\n\u00bb
The after-income tax e\ufb00ect of interest and other \ufb01nancing costs associated with dilutive potential ordinary shares; and
\n\u00bb
The weighted average number of additional ordinary shares that would have been outstanding assuming the
\nconversion of all dilutive potential ordinary shares.
\nThe group discloses headline earnings per share as determined in accordance with Circular 1/2021, pursuant to the JSE
\nListings Requirements. Headline earnings represent net pro\ufb01t for the year attributable to the group\u2019s equity holders,
\nexcluding certain de\ufb01ned separately identi\ufb01able remeasurements relating to, among others, impairments of tangible
\nassets, intangible assets (including goodwill) and equity-accounted investments, gains and losses on acquisitions and
\ndisposals of investments as well as assets, dilution gains and losses on equity-accounted investments, remeasurement
\ngains and losses on disposal groups classi\ufb01ed as held for sale and remeasurements included in equity-accounted
\nearnings, net of related taxes (both current and deferred) and the related non-controlling interests. These
\nremeasurements are determined in accordance with Circular 1/2021, headline earnings, as issued by the South African
\nInstitute of Chartered Accountants, at the request of the JSE Limited in relation to the calculation of headline earnings
\nand disclosure of a detailed reconciliation of headline earnings to the earnings numbers used in the calculation of basic
\nearnings per share in accordance with the requirements of IAS 33
Earnings per Share
, under the JSE Listings
\nRequirements.
\nBasic headline earnings per share are determined by dividing the headline earnings described above by the weighted
\naverage ordinary shares outstanding during the \ufb01nancial year, excluding treasury shares. Diluted headline earnings per
\nshare are determined by dividing the diluted headline earnings by the weighted average number of additional ordinary
\nshares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
\nIn the event that the number of ordinary or potential ordinary shares outstanding increases as a result of a capitalisation
\nwithout consideration, the calculation of the basic and diluted earnings per share for the comparative period is adjusted
\nretrospectively.
\nShare capital and treasury shares
\nOrdinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares or options are
\nshown in equity as a deduction against share premium.
\nWhere subsidiaries hold Prosus ordinary shares N, the consideration paid to acquire those shares, including attributable
\nincremental costs, is deducted from shareholders\u2019 equity and presented separately as treasury shares. Where such
\nshares are subsequently sold or reissued, the cost of those shares is released, and realised gains or losses are
\nrecorded in equity. In addition, where Prosus holds its own ordinary shares N in issue, such shares are shown as treasury
\nshares until they are cancelled. When these shares are cancelled, they are deducted against share capital and share
\npremium and/or retained earnings on the basis of their par value.
\nThe group presents treasury shares separately in the consolidated statement of changes in equity as well as on the face
\nof the consolidated statement of \ufb01nancial position.
\nProsus share exchange with Naspers shareholders and cross-holding arrangement
\nIn August 2021, the group completed a share exchange o\ufb00er to Naspers shareholders and a distribution agreement
\n(hereafter referred to as the cross-holding agreement) was entered into between Naspers and Prosus, which became
\ne\ufb00ective at the time of closing of the share exchange.
\nThe cross-holding agreement mandates that Prosus waives all rights to all distributions (including dividend \ufb02ows) from its
\nNaspers shares held, other than the portion attributable to the residual interest in the Naspers group (primarily Takealot,
\nMedia24 and corporate entities). Prosus is also restricted from disposing all or any portion of its Naspers shares held
\nwithout the consent of Naspers. In addition, Naspers is obligated to pass on any distributions (including dividends) it
\nreceives from Prosus to its free-\ufb02oat shareholders (as Prosus is subject to the waiver discussed above). Based on this
\narrangement, Prosus is eligible to the economic bene\ufb01ts generated by the Naspers entities outside of the Prosus group.
\nBased on the substance of the transaction, the portion of the e\ufb00ective interest in Naspers that relates to Prosus\u2019
\nunderlying investments is accounted for as a shareholder distribution. This is recognised in equity in the \u2018Existing control
\nbusiness combination reserve\u2019. This portion of the transaction is therefore treated as a transaction with shareholders in
\ncontemplation of a capital restructure. Only Prosus\u2019 residual interest in the Naspers group is recognised as an investment
\nat fair value through other comprehensive income on the consolidated statement of \ufb01nancial position.
Financial assets
\nAccounting policy
\nClassi\ufb01cation, initial recognition and measurement
\nFinancial assets are initially recognised when the group becomes a party to the contractual provisions of the instrument.
\nOn initial recognition, \ufb01nancial assets are classi\ufb01ed as \ufb01nancial assets measured at amortised cost, fair value through
\nother comprehensive income or fair value through pro\ufb01t or loss. The classi\ufb01cation is based on the objectives of the
\nbusiness model within which the \ufb01nancial asset is held and the characteristics of its contractual cash \ufb02ows.
\nThe group assesses the objective of the business model in which a \ufb01nancial asset is held based on all relevant
\nevidence that is available at the date of assessment including how the performance of the \ufb01nancial asset is evaluated
\nand reported to management and the risks a\ufb00ecting the performance of the \ufb01nancial asset as well as how those risks
\nare managed.
\nIn evaluating the contractual cash \ufb02ows of a \ufb01nancial asset, the group considers its contractual terms, including
\nassessing whether the \ufb01nancial asset is subject to contractual terms that change (or could potentially change) the timing
\nor amount of associated future cash \ufb02ows.
\nA \ufb01nancial asset is measured at amortised cost if it is held within a business model whose objective is to hold assets to
\ncollect contractual cash \ufb02ows and its contractual cash \ufb02ows represent solely payments of principal and interest on the
\namount outstanding. In making this assessment, the group considers the e\ufb00ect of terms (including conversion,
\nprepayment and extension features) that may a\ufb00ect the timing and/or amounts of cash \ufb02ows.
\nFinancial assets classi\ufb01ed as at amortised cost include trade, \ufb01nancing and other receivables, related party receivables
\nand cash and cash equivalents.
\nAll \ufb01nancial assets not classi\ufb01ed as at amortised cost or at fair value through other comprehensive income are
\nmeasured at fair value through pro\ufb01t or loss. This includes derivative \ufb01nancial assets other than those forming part of
\ne\ufb00ective hedging relationships to which hedge accounting is applied. A \ufb01nancial asset is classi\ufb01ed in this category at
\ninitial recognition if it is acquired principally for the purpose of selling in the short term, if it forms part of a portfolio of
\n\ufb01nancial assets in which there is evidence of short-term pro\ufb01t-making, or if it is designated in this category to eliminate
\nor signi\ufb01cantly reduce an accounting mismatch that would otherwise arise.
\nPurchases and sales of \ufb01nancial assets are recognised on the trade date, which is the date that the group commits to
\npurchase or sell the asset. Financial assets (excluding trade receivables that are not subject to a signi\ufb01cant \ufb01nancing
\ncomponent) are initially measured at fair value plus, for an instrument not at fair value through pro\ufb01t or loss, transaction
\ncosts directly attributable to its acquisition or issue. Trade receivables that are not subject to signi\ufb01cant \ufb01nancing
\ncomponents are initially measured at the relevant transaction prices.
\nFinancial assets are presented as non-current assets, except for those with maturities within 12 months from the
\nstatement of \ufb01nancial position date, which are classi\ufb01ed as current assets.
\nOn initial recognition of an equity investment that is not held for trading, the group may irrevocably elect to present
\nsubsequent changes in the fair value of such investments in other comprehensive income. This election is made on an
\ninvestment-by-investment basis. These investments are classi\ufb01ed as \ufb01nancial assets at fair value through other
\ncomprehensive income. The group has classi\ufb01ed all equity investments that do not represent investments in subsidiaries,
\nassociates or joint ventures in this category.
\nSubsequent measurement
\nAmortised cost \ufb01nancial assets are subsequently measured using the e\ufb00ective interest method, reduced by relevant
\nimpairment allowances. Interest income, foreign exchange gains and losses and impairment losses on amortised cost
\n\ufb01nancial assets are recognised in the consolidated income statement.
\nChanges in the fair value of equity investments classi\ufb01ed as \ufb01nancial assets at fair value through other comprehensive
\nincome are recognised in the consolidated statement of other comprehensive income and are accumulated in the
\nvaluation reserve in the consolidated statement of changes in equity.
\nDividends received on equity investments at fair value through other comprehensive income are recognised in the
\nconsolidated income statement. On derecognition of \ufb01nancial assets at fair value through other comprehensive income,
\nfair value changes accumulated in the valuation reserve are transferred to retained earnings.
\nFinancial assets at fair value through pro\ufb01t or loss are subsequently carried at fair value with changes in fair value
\nincluded in \u2018Other (losses)/gains \u2013 net\u2019 in the consolidated income statement.
Refer to note 41 for the group\u2019s fair value measurement methodology regarding \ufb01nancial assets.
\nFinancial assets are derecognised when the rights to receive cash \ufb02ows from the \ufb01nancial assets have expired or where
\nthey have been transferred and the group has also transferred substantially all risks and rewards of ownership.
\nFinancial assets are o\ufb00set and the net amount reported in the consolidated statement of \ufb01nancial position when there is
\na legally enforceable right to o\ufb00set the recognised amounts and there is an intention to realise the asset and settle a
\nrelated \ufb01nancial liability simultaneously.
\nImpairment
\nThe group recognises expected credit losses (impairment allowances) on \ufb01nancial assets measured at amortised cost
\nand accrued income balances. The group assesses, on a forward-looking basis, the impairment allowances associated
\nwith these \ufb01nancial assets and makes use of provision matrices relevant to its various operations in establishing
\nimpairment allowances, speci\ufb01cally for trade receivables.
\nFor trade and other receivables, including accrued income balances, the group measures impairment allowances at an
\namount equal to the lifetime expected credit losses on these \ufb01nancial assets. Lifetime expected credit losses are those
\nlosses that result from all possible default events over the expected life of the \ufb01nancial instrument.
\nFor \ufb01nancing receivables, related party and other loans and receivables, the impairment loss allowance is based on a
\ngeneral expected credit loss model. The measurement of the impairment loss allowance on these loans and receivables
\nis based on the assessment of whether there has been a signi\ufb01cant increase in credit risk.
\nThe group considers a \ufb01nancial asset to be in default when the borrower is unlikely to pay its credit obligations in full or
\nthe outstanding amount exceeds its contractual payment terms.
\nAt each reporting date, the group assesses whether \ufb01nancial assets at amortised cost and/or accrued income balances
\nare credit impaired. Financial assets are considered credit impaired when one or more events that have a detrimental
\nimpact on expected future cash \ufb02ows have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes, but is
\nnot\u00a0limited to, signi\ufb01cant \ufb01nancial di\ufb03culty experienced by the borrower, a breach of contract such as defaulting on
\ncontractually due repayments or the probability of the borrower entering bankruptcy.
\nImpairment allowances for \ufb01nancial assets measured at amortised cost and accrued income balances are recognised
\nin the consolidated income statement in an impairment allowance account. The gross carrying amount of the \ufb01nancial
\nassets is reduced by the impairment loss allowance and is written o\ufb00 when the group has no reasonable expectation of
\nrecovering the \ufb01nancial asset in its entirety or a portion thereof.
\nRefer to note 40 for further details regarding the group\u2019s credit risk management.
26.
Cash and cash equivalents
\nAccounting policy
\nCash and cash equivalents are carried in the consolidated statement of \ufb01nancial position at amortised cost (other than
\nmoney market funds) which equals the cost or face value of the asset. Cash comprise cash on hand and deposits held
\nat call with banks. Certain cash balances are restricted from immediate use according to terms with banks or other
\n\ufb01nancial institutions. For purposes of the consolidated statement of cash \ufb02ows, cash and cash equivalents are presented
\nnet of bank overdrafts.
\nCash equivalents include money market funds at fair value through pro\ufb01t or loss. These funds have a maturity of three
\nmonths or less, are highly liquid and include cash \ufb02ows which are not solely payments of principal and interest as well
\nas subject to insigni\ufb01cant changes in value.
27.
Short-term investments
\nAccounting policy
\nShort-term investments are cash investments with maturities of more than three months from the date of acquisition. On
\ninitial recognition, short-term investments are recognised at fair value plus directly attributable transaction costs and are
\nsubsequently measured at amortised cost.
Financial liabilities
\nAccounting policy
\nFinancial liabilities are recognised when the group becomes party to the contractual provisions of the relevant
\ninstrument. The group classi\ufb01es \ufb01nancial liabilities at amortised cost or at fair value through pro\ufb01t or loss.
\nOther \ufb01nancial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. Interest
\nexpense and foreign exchange gains and losses on these \ufb01nancial liabilities are recognised in the consolidated income
\nstatement. Other \ufb01nancial liabilities comprise primarily trade and other payables, borrowings and written put option
\nliabilities. These \ufb01nancial liabilities are initially recognised at fair value, net of transaction costs.
\nWritten put option liabilities represent contracts that impose (or may potentially impose) an obligation on the group to
\npurchase its own equity instruments (including the shares of a subsidiary) for cash or another \ufb01nancial asset. Written put
\noption liabilities are initially raised from the \u2018Existing control business combination reserve\u2019 in equity at the present value
\nof the expected redemption amount payable. Simultaneously, the group may still recognise non-controlling interest where
\nthe risks and rewards of ownership are not deemed to have been transferred to the group on initial recognition of the
\nwritten put option liability. Subsequent revisions to the expected redemption amount payable as well as the unwinding of
\nthe discount related to the measurement of the present value of the written put option liability, are recognised in \u2018Existing
\ncontrol business combination reserve\u2019 in equity. Where a written put option liability expires unexercised or is cancelled,
\nthe carrying value of the \ufb01nancial liability is derecognised through the \u2018Existing control business combination reserve\u2019 in
\nequity.
\nWritten put options that provide the group with the discretion to settle its obligations in the group\u2019s own equity
\ninstruments (including the shares of a subsidiary) are also accounted for as outlined above. Written put option liabilities
\nare presented within \u2018Other non-current liabilities and other current liabilities\u2019 in the consolidated statement of \ufb01nancial
\nposition. Written put option liabilities that are linked to a committed employment period are accounted for as share-
\nbased compensation bene\ufb01ts. The expected redemption amounts payable for these written put options is dependent on
\nthe completion of an employment service period (refer to share-based compensation accounting policy).
\nFinancial liabilities are presented as current liabilities if payment is due or could be demanded within 12 months (or in
\nthe normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
\nFinancial liabilities are o\ufb00set and the net amount reported in the consolidated statement of \ufb01nancial position when there
\nis a legally enforceable right to o\ufb00set the recognised amounts and there is an intention to settle on a net basis.
\nFinancial liabilities are derecognised when the contractual obligation is discharged, cancelled or when it expires.
32.
Property, plant and equipment
\nAccounting policy
\nProperty, plant and equipment comprises owned and leased assets.
\nProperty, plant and equipment are stated at cost, being the purchase cost plus costs to prepare the assets for their
\nintended use, less accumulated depreciation and accumulated impairment losses. Cost includes transfers from equity of
\ngains/losses on qualifying cash \ufb02ow hedges relating to foreign currency property, plant and equipment acquisitions.
\nProperty, plant and equipment, with the exception of land, are depreciated in equal annual amounts over each asset\u2019s
\nestimated useful life to their residual values. Land is not depreciated as it is deemed to have an inde\ufb01nite life.
\nDepreciation periods vary in accordance with the conditions in the relevant industries, but are subject to the following
\nrange of useful lives:
\nClass of asset
Owned
Leased
\nBuildings
5 to 50 years
2 to 10 years
\nComputer equipment
2 to 3 years
2 to 3 years
\nManufacturing equipment
2 to 12 years
2 to 4 years
\nImprovements to buildings
2 to 12 years
3 to 5 years
\nO\ufb03ce equipment, furniture and \ufb01ttings
2 to 12 years
2 to 4 years
\nVehicles
2 to 5 years
2 to 5 years
\nWhere parts of property, plant and equipment require replacement at regular intervals, the carrying value of an item of
\nproperty, plant and equipment includes the cost of replacing the part when that cost is incurred, if it is probable that
\nfuture economic bene\ufb01ts will \ufb02ow to the group and the cost can be reliably measured. The carrying values of the parts
\nreplaced are derecognised on capitalisation of the cost of the replacement part. Each component of an item of
\nproperty, plant and equipment with a cost that is signi\ufb01cant in relation to the total cost of the item is depreciated
\nseparately where it has an estimated useful life that di\ufb00ers from that of the item as a whole.
\nMajor leasehold improvements are amortised over the shorter of the respective lease terms and estimated useful lives.
\nSubsequent costs, including major renovations, are included in an asset\u2019s carrying value or recognised as a separate
\nasset, as appropriate, only when it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the
\ngroup and the cost of the item can be measured reliably. Repairs and maintenance are charged to the consolidated
\nincome statement.
\nThe residual values and useful lives of property, plant and equipment are reviewed, and adjusted if appropriate, at each
\nstatement of \ufb01nancial position date. Gains and losses on disposals are determined by comparing the proceeds to the
\nasset\u2019s carrying value and are recognised in \u2018Other (losses)/gains \u2013 net\u2019 in the consolidated income statement.
\nWork in progress are assets still in the construction phase and not yet available for use. These assets are carried at cost
\nand are not depreciated. Depreciation commences once the assets are available for use as intended by management.
\nBorrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalised as part of the
\ncost of those assets. All other borrowing costs are expensed as incurred. A qualifying asset is an asset that takes more
\nthan a year to get ready for its intended use.
\nLeased assets
\nAt inception of a contract, the group assesses whether a contract is or contains a lease. A contract is, or contains a
\nlease if it conveys a right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. The
\ngroup\u2019s leasing arrangements relate primarily to o\ufb03ce buildings, warehouse space, equipment and vehicles. Lease
\nagreements are generally entered into for \ufb01xed periods of between two and 10 years, depending on the nature of the
\nunderlying asset being leased.
Lessee accounting
\nThe group recognises all leases (with limited exceptions) as right-of-use assets and obligations to make lease payments
\n(lease liabilities) from the lease commencement date.
\nThe right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment. The cost includes
\nthe initial amount of the respective lease liability adjusted for lease payments made before the commencement date of
\nthe lease, plus initial direct costs incurred and estimated costs to dismantle or destroy the underlying asset, less lease
\nincentives received, where applicable. The right-of-use asset is subsequently depreciated using the straight-line method
\nover the earlier of the useful life of the underlying asset or the period of the lease term. In addition, the right-of-use asset
\nis reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments, discounted using the interest
\nrate\u00a0implicit in the lease and where that rate cannot be readily determined the group entity uses the incremental
\nborrowing rate.
\nThis is the rate of interest that the group entity would have to pay to borrow the funds necessary to obtain an asset of
\na\u00a0similar value to the respective right-of-use asset in a similar economic environment.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u00bb
\ufb01xed payments;
\n\u00bb
variable lease payments that depend on an index or rate;
\n\u00bb
amounts expected to be payable under residual value guarantees;
\n\u00bb
amounts in an optional renewal lease period if the group is reasonably certain to exercise an extension option;
\n\u00bb
the exercise price of a purchase option that the group is reasonably certain to exercise; and
\n\u00bb
penalties for early termination of the lease, unless the group is reasonably certain not to terminate the lease early.
\nThe lease liability is measured at amortised cost using the e\ufb00ective interest rate method. It is remeasured where there
\nis\u00a0a change in future lease payments, a change in the group\u2019s estimate of amounts expected to be payable under a
\nresidual value guarantee or if the group changes its assessment of whether it will exercise a purchase, extension or
\ntermination option.
\nWhen the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
\nasset, or is recognised in the consolidated income statement if the carrying amount of the right-of-use asset has been
\nreduced to zero.
\nThe group presents right-of-use assets in \u2018Property, plant and equipment\u2019 and capitalised lease liabilities in \u2018Long-term
\nliabilities\u2019 in the consolidated statement of \ufb01nancial position.
\nThe group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease
\nterm of 12\u00a0months or less and leases of low-value assets. The group recognises the lease payments associated with
\nthese leases as an expense on a straight-line basis over the lease term.
\nThe group has applied the \u2018integrally linked\u2019 approach in respect of the tax consequences of lease contracts. At
\ninception of a lease and on the transition date no deferred taxes are recognised as no temporary di\ufb00erences arise
\nbetween the tax base and carrying amount of the net lease asset or liability (without taking into account advance
\npayments). Subsequent to initial recognition, deferred taxes are recognised when temporary di\ufb00erences arise.
\nImpairment of property, plant and equipment and other intangible assets
\nItems of property, plant and equipment and other intangible assets (with \ufb01nite useful lives) are reviewed for indicators of
\nimpairment at least annually. Indicators of impairment include, but are not limited to: signi\ufb01cant underperformance
\nrelative to expectations based on historical or projected future operating results, signi\ufb01cant changes in the manner of
\nuse of the assets or the strategy for the group\u2019s overall business and signi\ufb01cant negative industry or economic trends.
\nProperty, plant and equipment and other intangible assets still in the development phase, and not yet available for use
\n(work in progress), are tested for impairment on an annual basis. An impairment loss is recognised in \u2018Other (losses)/
\ngains \u2013 net\u2019 in the consolidated income statement when the carrying amount of an asset exceeds its
\nrecoverable\u00a0amount.
\nValue in use is the present value of estimated future cash \ufb02ows expected to arise from the continuing use of an asset
\nand from its disposal at the end of its useful life. The estimated future cash \ufb02ows are discounted to their present value
\nusing a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to
\nthe asset.
\nFair value less costs of disposal is the price that would be received to sell an asset in an orderly transaction between
\nmarket participants at the measurement date less the incremental costs directly attributable to the disposal of an asset
\nor cash-generating unit, excluding \ufb01nance costs and income tax expense.
\nFor the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
\nidenti\ufb01able cash \ufb02ows that are largely independent of the cash in\ufb02ows of other assets or groups of assets (a cash-
\ngenerating-unit level).
\nAn impairment loss recognised for an asset in prior years is reversed if there has been a change in the estimates used
\nto determine the asset\u2019s recoverable amount since the last impairment loss was recognised and the revised recoverable
\namount exceeds the carrying amount. The reversal of such an impairment loss is recognised in \u2018Other (losses)/gains \u2013
\nnet\u2019 in the consolidated income statement.
33.
Other intangible assets
\nAccounting policy
\nIntangible assets acquired are capitalised at cost. Intangible assets with \ufb01nite useful lives are amortised using the
\nstraight-line method over their estimated useful lives. Residual values of intangible assets are presumed to be zero and
\nalong with their useful lives are reassessed on an annual basis.
\nAmortisation periods for intangible assets with \ufb01nite useful lives vary in accordance with the conditions in the relevant
\nindustries, but are subject to the following maximum limits:
\nClass of asset
Useful life
\nPatents
5 years
\nTitle rights
10 years
\nBrand names and trademarks
25 years
\nSoftware
10 years
\nIntellectual property rights
10 years
\nCustomer-related assets
11 years
\nNo value is attributed to internally developed trademarks or similar rights and assets. The costs incurred to develop
\nthese items are charged to the consolidated income statement as incurred.
\nCosts that are directly associated with the production of identi\ufb01able and unique software products controlled by the group,
\nand which will probably generate economic bene\ufb01ts exceeding costs beyond one year, are recognised as intangible
\nassets. Direct costs include the software development team\u2019s employee costs and an appropriate portion of relevant
\noverheads. All other costs associated with developing or maintaining software programs are expensed as incurred.
\nWeb and application (app) development costs are capitalised as intangible assets if it is probable that the expected
\nfuture economic bene\ufb01ts attributable to the asset will \ufb02ow to the group and its cost can be measured reliably, otherwise
\nthese costs are expensed as incurred.
\nResearch expenditure is expensed as incurred. Costs incurred on development projects (relating to the design and
\ntesting of new or improved products) are recognised as intangible assets if the costs can be measured reliably, the
\nproducts or processes are technically and commercially feasible, future economic bene\ufb01ts are probable, and the group
\nintends to and has su\ufb03cient resources to complete development and to use or sell the asset. Development costs that do
\nnot meet these criteria are expensed as incurred.
\nWork in progress are assets still in the development phase and not yet available for use. These assets are carried at
\ncost and are not amortised but are tested for impairment at each reporting date. Amortisation commences once the
\nassets are available for use as intended by management.
\nImpairment of other intangible assets
\nRefer to note 32 for details on the accounting policy on the impairment of other intangible assets.
34.
Inventory
\nAccounting policy
\nInventory is stated at the lower of cost and net realisable value. The cost of inventory is determined on a \ufb01rst-in-\ufb01rst-out
\nbasis (FIFO) and on an exceptional basis the weighted-average method.
\nThe cost of \ufb01nished products and work in progress comprises raw materials, direct labour, other direct costs and related
\nproduction overheads, but excludes \ufb01nance costs. Costs of inventories include the transfer from other comprehensive
\nincome of gains/losses on qualifying cash \ufb02ow hedges relating to foreign currency-denominated inventory purchases.
\nNet realisable value is the estimate of the selling price, less the costs of completion and selling expenses. Net realisable
\nvalue includes allowances made for obsolete, unusable and unsaleable inventory and for latent damage \ufb01rst revealed
\nwhen inventory items are taken into use or o\ufb00ered for sale.
36.
Disposal groups classi\ufb01ed as held for sale
\nAccounting policy
\nNon-current assets and liabilities (disposal groups) are classi\ufb01ed as held for sale and presented as current assets and
\nliabilities in the consolidated statement of \ufb01nancial position, when their carrying values will be recovered principally
\nthrough a sale transaction and when such sale is considered highly probable. The assets and liabilities of disposal
\ngroups held for sale are stated at the lower of carrying value and fair value less costs of disposal. From the date on
\nwhich disposal groups are classi\ufb01ed as held for sale, the group applies the measurement provisions of IFRS 5
Non-
\ncurrent Assets Held for Sale and Discontinued Operations,
which includes, among other requirements, the cessation of
\nthe recognition of depreciation and amortisation.
37.
Equity-compensation bene\ufb01ts
\nAccounting policy
\nThe Naspers group grants share options, performance stock units (PSUs) and restricted stock units (RSUs) through the
\nvarious trusts consolidated by the Naspers group and therefore not within the Prosus group, and Prosus grants share
\nappreciation rights (SARs) and share options settled in the shares of the underlying entity within the Prosus group.
\nThe equity-compensation plans are granted to employees of the group. The group recognises an employee bene\ufb01t
\nexpense in the consolidated income statement, representing the fair value of share options, PSUs and RSUs granted. A
\ncorresponding entry to equity is raised for equity-settled plans. For SARs and other cash-settled share option schemes
\nthe group recognises an employee bene\ufb01t expense in the consolidated income statement at fair value of the amount
\npayable to employees over the vesting period during which the employees become entitled to payment. A
\ncorresponding entry to liabilities is raised for these cash-settled plans.
\nThe fair value of the options, PSUs and RSUs at the date of grant under equity-settled plans is charged to the
\nconsolidated income statement over the relevant vesting periods, adjusted to re\ufb02ect actual and expected levels of
\nvesting. For cash-settled plans, the group remeasures the fair value of the recognised liability at each reporting date
\nand at the date of settlement, with changes in fair value recognised in the consolidated income statement.
\nA share option, PSU or RSU scheme is considered equity settled when the transaction is settled through equity
\ninstruments of Prosus N.V. or any of its other subsidiaries or where the group has no obligation to settle awards with
\nparticipants. SARs and other option schemes are considered cash-settled when there is an obligation to settle in cash or
\nany other asset.
\nFunding for PSU and RSU share schemes are recognised as contributions to Naspers group share trusts in equity and
\nare accounted for separately from the equity-compensation plans.
\nOn the \ufb01nal vesting date of equity-settled plans, the group transfers the accumulated balance relating to vested share
\noptions, PSUs and RSUs from the share-based compensation reserve to retained earnings.
\nAll awards are granted subject to the completion of a requisite service (vesting) period by employees, ranging from one
\nyear to \ufb01ve years. Unvested awards are subject to forfeiture on termination of employment. Generally, vesting takes
\nplace in tranches depending on the duration of the total vesting period.
\nAll share options and SARs are granted with an exercise price of not less than 100% of the market value or fair value of
\nthe respective company\u2019s shares on the date of the grant. RSUs/PSUs are granted with an exercise price of zero.
Naspers group share trusts
\nThe Naspers group share trusts hold Naspers shares and Prosus shares (as shareholders) to settle Naspers share
\noptions, RSUs and PSUs held by employees of the Naspers and Prosus group. These share trusts were founded by
\nNaspers and Prosus to administer the Naspers group share schemes for all employees. These share trusts are controlled
\nby Naspers and not Prosus because the Naspers board (the board) approves the granting of the equity-compensation
\nplans and therefore controls the relevant activities of the trusts. Accordingly, Prosus cannot make decisions over these
\nequity-compensation plans unilaterally and has no obligation to settle these plans. On the listing of Prosus, these trusts
\nreceived either Naspers or Prosus shares (the shares), as selected by the trustees, via the capitalisation issue of Naspers
\nN ordinary shares that converted into Prosus ordinary shares N on the listing date. These shares are linked to the
\nrespective Naspers shares and, accordingly, on settlement of the awards, employees will receive the Naspers shares as
\nstipulated on grant date and the linked Prosus/Naspers shares granted upon listing of the group. There was no
\nadjustment to the original strike price. For these share schemes, the settlement is in Naspers shares with linked Prosus
\nshares as a result of\u00a0listing.
\nIn September 2020, the Naspers board approved the establishment of the Prosus RSU share scheme administered by
\nthe new Prosus RSU trust. Similar to the other share trusts, the board controls the operational activity of both the Naspers
\nand Prosus group and via the remuneration committee approves the share scheme rules and the granting of awards.
\nThe settlement of this share scheme will be in Prosus shares and have been granted to both Naspers and Prosus group
\nemployees. Naspers, as the ultimate parent has the ultimate decision-making power regarding equity-compensation
\nbene\ufb01t plans and number of shares granted. These decision-making rights have not been speci\ufb01cally ceded to Prosus.
\nAccordingly, all share trusts discussed above (including the Prosus RSU share trust) are controlled and consolidated by
\nNaspers because the trust\u2019s relevant activities are governed by the remuneration committee as mandated by the board
\nand are used to administer the share schemes of the Naspers group as a whole. In addition, Naspers being the ultimate
\nparent of the group controls the decisions of the trusts.
\nClassi\ufb01cation of equity-compensation plans for the Prosus group
\nProsus group entities issue share options and SARs to employees of the group. Certain of the share option plans are
\nsettled in equity instruments of subsidiaries of the Prosus group and are classi\ufb01ed as equity settled. All of the SARs and
\nthe remaining share option plans are settled by the Prosus group in cash or other assets (including shares of the
\nNaspers group) and are classi\ufb01ed as cash-settled plans.
\nThe share schemes that are settled in Naspers shares are classi\ufb01ed as cash-settled when the Prosus group has the
\nobligation to make settlement, and equity settled when the Naspers group trusts (ie Naspers) has the obligation to make
\nsettlement.
\nClassi\ufb01cation of Naspers equity-compensation plans for the Prosus group
\nIn respect of RSUs and PSUs, awards are automatically settled in Naspers and/or Prosus equity instruments on the
\nvesting date by the relevant Naspers group share trust.
\nNaspers share-based compensation plans in which the group\u2019s employees participate, awards are settled with
\nemployees by the relevant Naspers group share trust and the Prosus group does not have any obligation to settle these
\nawards with employees. Such awards are classi\ufb01ed as equity settled. The equity settled share-based compensation
\nplans administered by the Naspers group trusts relate to Naspers and Prosus RSUs, Naspers PSU schemes and share
\noption schemes. The share options, RSUs and PSUs are classi\ufb01ed as equity settled as the group does not have an
\nobligation to make settlement. Naspers has the obligation to make settlement.
\nRelated party transactions
\nProsus provides funding to the trust to settle share options of the Prosus group employees via loan account. Please refer
\nto note\u00a042 for details of related party balances with the trusts.
\nAlthough the group has various equity-compensation plans in operation, disclosure is provided only for those plans that
\nhad the most signi\ufb01cant impact on the group\u2019s consolidated statement of \ufb01nancial position during the current year.
38.
Provisions
\nAccounting policy
\nProvisions are obligations of the group where the timing or amount (or both) of the obligation is uncertain.
\nProvisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is
\nprobable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation and a
\nreliable estimate of the amount of the obligation can be made.
\nThe group recognises a provision relating to its estimated exposure on all products at the consolidated statement of
\n\ufb01nancial position date. A provision for onerous contracts is established when the expected bene\ufb01ts to be derived under
\na contract are less than the unavoidable costs of ful\ufb01lling the contract.
\nReorganisation provisions are recognised in the period in which the group becomes legally or constructively committed
\nto a formal restructuring plan.
\nA provision for restructuring costs is recognised when the group has a detailed formal plan for the restructuring and has
\nraised a valid expectation to those a\ufb00ected that it will implement and carry out the restructuring.
\nProvisions are reviewed at each statement of \ufb01nancial position date and adjusted to re\ufb02ect the current best estimate.
\nWhere the e\ufb00ect of the time value of money is material, the amount of a provision is determined by discounting the
\nanticipated future cash \ufb02ows expected to be required to settle the obligation at a pre-tax rate that re\ufb02ects current
\nmarket assessments of the time value of money and the risks speci\ufb01c to the liability. The increase in the provision due to
\nthe passage of time is recognised as interest expense in the consolidated income statement.
HedgingAccounting policy
\nThe group uses derivative \ufb01nancial instruments (derivatives) to reduce exposure to \ufb02uctuations in foreign currency
\nexchange rates and interest rates. These instruments mainly comprise forward exchange contracts and interest rate
\n(including cross-currency) swap agreements. Forward exchange contracts protect the group from movements in
\nexchange rates by \ufb01xing the rate at which a foreign currency asset or liability will be settled. Cross-currency interest rate
\nswap agreements protect the group from movements in foreign exchange risk on a net investment in a foreign\u00a0operation.
\nThe group documents, at inception of hedging transactions, the relationship between hedging instruments and hedged
\nitems, as well as its risk management objective and strategy for undertaking various hedging transactions. The group
\nalso documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives used in
\nhedging transactions are expected to be and have been highly e\ufb00ective in o\ufb00setting changes in fair values or cash
\n\ufb02ows of hedged items. Hedging instruments are included in \u2018Derivative \ufb01nancial instruments\u2019 in the consolidated
\nstatement of \ufb01nancial position. The group designates derivatives as hedging instruments either in their entirety or
\nelements thereof, as appropriate. The fair values of derivatives used for hedging purposes are disclosed in note 40
\nbelow.
\nThe method of recognising the resulting gain or loss arising from the remeasurement of derivatives used for hedging is
\ndependent on the nature of the item being hedged. The group designates a derivative as either a hedge of the fair
\nvalue of a recognised asset, liability or \ufb01rm commitment (fair value hedge), or a hedge of a forecast transaction or of
\nthe foreign currency risk of a \ufb01rm commitment (cash \ufb02ow hedge). The group also designates certain derivatives as
\nhedges of the group\u2019s net investments in its foreign operations (net investment hedge).
\nFair value hedges
\nWhen a derivative is designated as a fair value hedge, changes in the fair value of the derivative are recorded in the
\nconsolidated income statement, along with changes in the fair value of the hedged asset or liability that is attributable
\nto the hedged risk.
\nCash \ufb02ow hedges
\nWhen a derivative is designated as a cash \ufb02ow hedging instrument, the e\ufb00ective portion of the change in the fair value
\nof the derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The ine\ufb00ective
\nportion of the change in the fair value of the derivative is recognised in the consolidated income statement.
\nWhen the hedged forecast transaction or \ufb01rm commitment subsequently results in the recognition of a non-\ufb01nancial item
\nsuch as inventory, the amount accumulated in the hedging reserve is included directly in the initial cost of the non-
\n\ufb01nancial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging
\nreserve is reclassi\ufb01ed to the consolidated income statement in the same period during which the hedged expected
\nfuture cash \ufb02ow a\ufb00ects the consolidated income statement.
\nWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, then
\nhedge accounting is discontinued prospectively. The amount accumulated in the hedging reserve at that time remains in
\nequity until, for a hedge resulting in the recognition of a non-\ufb01nancial item, it is included in the initial cost on initial
\nrecognition or, for other cash \ufb02ow hedges, it is reclassi\ufb01ed to the consolidated income statement in the same period as
\nthe expected cash \ufb02ows a\ufb00ect the consolidated income statement.
\nWhen a committed or forecast transaction is no longer expected to occur, the amounts accumulated in the hedging
\nreserve are reclassi\ufb01ed to the consolidated income statement.
\nNet investment hedges
\nWhen a derivative is designated as a hedging instrument in a hedge of the group\u2019s net investment in a foreign
\noperation, the e\ufb00ective portion of the change in fair value of the hedging instrument is recognised in other
\ncomprehensive income and presented in the foreign currency translation reserve within equity. The ine\ufb00ective portion of
\nthe change in fair value of the derivative is recognised in the consolidated income statement. The amount accumulated
\nin the foreign currency translation reserve is reclassi\ufb01ed to the consolidated income statement on disposal of the
\nrelevant foreign operation.
\nCertain derivative transactions, while providing e\ufb00ective economic hedges under the group\u2019s risk management policies,
\ndo not qualify for hedge accounting. Changes in the fair value of derivatives that do not qualify for hedge accounting
\nare recognised immediately in the consolidated income statement.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20738": {
"value": "Foreign currency transactions Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
\nof the transactions or the dates of the valuations where items are remeasured. Foreign exchange gains and losses
\nresulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary
\nassets and liabilities denominated in foreign currencies are recognised in the consolidated income statement, except
\nwhen deferred in the consolidated statement of other comprehensive income as part of qualifying cash \ufb02ow hedges.
\nTranslation di\ufb00erences on non-monetary \ufb01nancial assets and liabilities are reported as part of the fair value gain or loss
\nrecognised in \u2018Other \ufb01nance income \u2013 net\u2019 in the income statement. Translation di\ufb00erences on non-monetary equity
\ninvestments classi\ufb01ed at fair value through other comprehensive income are recognised in the consolidated statement of
\nother comprehensive income and accumulated in the valuation reserve as part of the fair value remeasurement of
\nsuch\u00a0items.
\nThe results and \ufb01nancial position of all foreign operations (except for those which operate in a hyperin\ufb02ationary
\neconomy) that have a functional currency that is di\ufb00erent from the group\u2019s presentation currency are translated into the
\npresentation currency as follows:
\n\u00bb
Assets and liabilities are translated at the closing rate at the reporting date.
\n\u00bb
Income and expenses are translated at average exchange rates (unless this average is not a reasonable
\napproximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and
\nexpenses are translated at the spot rate on the dates of the transactions).
\n\u00bb
The nominal amount of share capital is translated at the closing rate in terms of Dutch law. Exchange di\ufb00erences on
\ntranslation are recognised directly in retained earnings.
\n\u00bb
All other resulting exchange di\ufb00erences except equity are recognised in the consolidated statement of other
\ncomprehensive income and accumulated in the \u2018Foreign currency translation reserve\u2019 in the consolidated statement of
\nchanges in equity.
\nForeign operations
\nThe group recognises foreign exchange di\ufb00erences relating to monetary items that form part of its net investment in its
\nforeign operations in the consolidated statement of other comprehensive income where settlement of the item is neither
\nplanned nor likely to take place in the foreseeable future. When a foreign operation is disposed of, the accumulated
foreign exchange di\ufb00erences are reclassi\ufb01ed to the consolidated income statement, as part of the gain or loss on sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20797": {
"value": "3. Accounting judgements and sources of estimation uncertainty \nThe preparation of the \ufb01nancial statements necessitates the use of estimates, assumptions and judgements by management. \nThese estimates and assumptions a\ufb00ect the reported amounts of assets, liabilities and contingent assets and liabilities at the \nstatement of \ufb01nancial position date as well as the reported income and expenses for the year. Although estimates are based on \nmanagement\u2019s best knowledge and judgement of current facts as at the statement of \ufb01nancial position date, the actual outcome \nmay di\ufb00er from these estimates. \nEstimates are made regarding the fair value of intangible assets recognised in business combinations (refer to note 6); goodwill \nimpairment (refer to note 7); impairment of equity-accounted investments (refer to note 9 and note 10), the valuation of \ninvestments measured at fair value through other comprehensive income (refer to note 41.); impairment of \ufb01nancial assets carried \nat amortised cost and other assets (refer to note 29); the valuation and remeasurement of written put option liabilities (refer to \nnote 31); impairment of property, plant and equipment (refer to note 32); recognition and impairment of other intangible assets \n(refer to note 33); the fair value of the disposal group (refer to note 36), allocation of goodwill to the disposal group (refer to note \n36), equity-compensation bene\ufb01ts (refer to note 37) and the fair value of the residual interest in the Naspers group (refer to note \n5). Where relevant, the group has provided sensitivity analyses demonstrating the impact of changes in key estimates and \nassumptions on reported results. \nThe following accounting judgements had the most signi\ufb01cant impact on the consolidated \ufb01nancial statements: \nLag periods applied when reporting results of equity-accounted investments \nWhere the reporting periods of associates and joint ventures (equity-accounted investments) are not coterminous with that of the \ngroup and/or it is impracticable for the relevant equity-accounted investee to prepare \ufb01nancial statements as of 31 March (for \ninstance due to the availability of the results of the equity-accounted investee relative to the group\u2019s reporting period), the group \napplies an appropriate lag period of not more than three months in reporting the results of the equity-accounted investees. \nSigni\ufb01cant transactions and events that occur between the non-coterminous reporting periods are adjusted for. The group \nexercises signi\ufb01cant judgement when determining the transactions and events for which adjustments are made. \nAccounting for equity-accounted investments share of other comprehensive income and changes in net \nasset\u00a0value \nThe group recognises its share of other comprehensive income and other changes in net assets of associates and joint ventures \nin the statement of comprehensive income. Other changes in net assets of the associate and joint ventures include changes in \ntheir share-based compensation reserve, transactions with non-controlling shareholders and other direct equity movements. \nEquity-accounted investments\u2019 share of other comprehensive income and changes in net asset value are accumulated in the \nvaluation reserve. \nAccounting for written put option liabilities \nThe group accounts for all written put options as liabilities equal to the present value of the expected redemption amount \npayable in the statement of \ufb01nancial position. The present value is based on a discounted cash \ufb02ow model, market multiples or a \nrecent transaction during the current year in which the equity value was determined. This applies regardless of whether the group \nhas the discretion to settle in its own equity instruments or cash. Written put option liabilities that are linked to a committed \nemployment period are accounted for as cash-settled share-based compensation bene\ufb01ts. The expected redemption amounts \npayable for these written put options are dependent on the completion of an employment service period. Management\u2019s \njudgements and estimates relate to the inputs used in determining the present value of the expected redemption amount \npayable. \nAccounting for share-based payment transactions \nThe group recognises cash and equity-settled share-based payment expenses arising from its various share incentive schemes \nand exercises signi\ufb01cant judgement when calculating these expenses. Where the group has a choice of settlement, it classi\ufb01es \nthe share-based payment transaction as cash-settled based on management\u2019s estimate of the most likely outcome, its settlement \npolicy and whether it has a present obligation to settle in cash; otherwise, it accounts for the transaction as equity-settled. \nExpenses are generally based on the fair values of awards granted to employees. \nFair value is measured using appropriate valuation and option pricing models, where applicable. The values assigned to the key \nassumptions used in the valuation models for the group\u2019s most signi\ufb01cant share incentive schemes are disclosed in note 37. \nThe group provides funding via loan account or provides equity contributions to Naspers group share trusts to acquire Naspers or \nProsus shares on the market for settlement of Naspers group\u2019s equity-compensation bene\ufb01ts. The trust provided with funding and \nthe trusts that receive equity contributions from the group are controlled structured entities of the Naspers group as they \nadminister Naspers group share schemes for all employees and are approved by the Naspers board. The group cannot make \ndecisions over the Naspers group share trusts unilaterally even in the event that loan funding is provided. \n\n \n \n \n \nAccounting judgements related to the cash \ufb02ow classi\ufb01cation for the contribution to Naspers group \nequity-compensation plans \nThe Naspers group has restricted stock units (RSUs) and performance share units (PSUs) which are accounted for as equity-settled \ncompensation plans. These equity-compensation bene\ufb01ts are provided to employees of the Prosus group. Contributions made by \nthe group to fund the purchase of the shares on the market by the Naspers group share trusts have been classi\ufb01ed as \ufb01nancing \nactivities on the consolidated statement of cash \ufb02ows. This is because the Prosus group has no economic interest in the shares \nacquired and does not control the share trusts. The contributions are in substance a distribution to the Naspers group. \nProsus share exchange with Naspers shareholders \nProsus o\ufb00ered Naspers shareholders Prosus ordinary shares N in exchange for Naspers N ordinary shares. The transaction \nresulted in Prosus acquiring Naspers shares. Simultaneously with this transaction, a distribution agreement (hereafter referred to \nas the cross-holding agreement) was entered into between Naspers and Prosus. The cross-holding agreement takes into account \nProsus\u2019 indirect interest in itself from holding Naspers shares. It mandates that Prosus waives all rights to all distributions (including \ndividend \ufb02ows) from its Naspers shares held, other than the portion attributable to the residual interest in the Naspers group \n(primarily Takealot, Media24 and corporate entities). Prosus is also restricted from disposing all or any portion of its Naspers \nshares held without the consent of Naspers. In addition, Naspers is obligated to pass on any distributions (including dividends) it \nreceives from Prosus to its free-\ufb02oat shareholders. \nMajority of the value of the Naspers shares is derived from the investments in the Prosus group. Based on the substance of the \ntransaction the portion of Prosus\u2019 e\ufb00ective interest in Naspers that relates to Prosus\u2019 underlying investments is accounted for as a \nshareholder distribution. This is recognised in equity in the \u2019Existing control business combination reserve\u2019. This portion of the \ntransaction is therefore treated as a transaction with shareholders in contemplation of a capital restructure. Only Prosus\u2019 residual \ninterest in the Naspers group is recognised as a FVOCI investment on the consolidated statement of \ufb01nancial position. \nIn addition, as a result of the cross-holding agreement, Naspers shares acquired by Prosus in the share repurchase programme \nare accounted for in the same manner as discussed above.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20798": {
"value": "3. Accounting judgements and sources of estimation uncertainty
\nThe preparation of the \ufb01nancial statements necessitates the use of estimates, assumptions and judgements by management.
\nThese estimates and assumptions a\ufb00ect the reported amounts of assets, liabilities and contingent assets and liabilities at the
\nstatement of \ufb01nancial position date as well as the reported income and expenses for the year. Although estimates are based on
\nmanagement\u2019s best knowledge and judgement of current facts as at the statement of \ufb01nancial position date, the actual outcome
\nmay di\ufb00er from these estimates.
\nEstimates are made regarding the fair value of intangible assets recognised in business combinations (refer to note 6); goodwill
\nimpairment (refer to note 7); impairment of equity-accounted investments (refer to note 9 and note 10), the valuation of
\ninvestments measured at fair value through other comprehensive income (refer to note 41.); impairment of \ufb01nancial assets carried
\nat amortised cost and other assets (refer to note 29); the valuation and remeasurement of written put option liabilities (refer to
\nnote 31); impairment of property, plant and equipment (refer to note 32); recognition and impairment of other intangible assets
\n(refer to note 33); the fair value of the disposal group (refer to note 36), allocation of goodwill to the disposal group (refer to note
\n36), equity-compensation bene\ufb01ts (refer to note 37) and the fair value of the residual interest in the Naspers group (refer to note
\n5). Where relevant, the group has provided sensitivity analyses demonstrating the impact of changes in key estimates and
\nassumptions on reported results.
\nThe following accounting judgements had the most signi\ufb01cant impact on the consolidated \ufb01nancial statements:
\nLag periods applied when reporting results of equity-accounted investments
\nWhere the reporting periods of associates and joint ventures (equity-accounted investments) are not coterminous with that of the
\ngroup and/or it is impracticable for the relevant equity-accounted investee to prepare \ufb01nancial statements as of 31 March (for
\ninstance due to the availability of the results of the equity-accounted investee relative to the group\u2019s reporting period), the group
\napplies an appropriate lag period of not more than three months in reporting the results of the equity-accounted investees.
\nSigni\ufb01cant transactions and events that occur between the non-coterminous reporting periods are adjusted for. The group
\nexercises signi\ufb01cant judgement when determining the transactions and events for which adjustments are made.
\nAccounting for equity-accounted investments share of other comprehensive income and changes in net
\nasset\u00a0value
\nThe group recognises its share of other comprehensive income and other changes in net assets of associates and joint ventures
\nin the statement of comprehensive income. Other changes in net assets of the associate and joint ventures include changes in
\ntheir share-based compensation reserve, transactions with non-controlling shareholders and other direct equity movements.
\nEquity-accounted investments\u2019 share of other comprehensive income and changes in net asset value are accumulated in the
\nvaluation reserve.
\nAccounting for written put option liabilities
\nThe group accounts for all written put options as liabilities equal to the present value of the expected redemption amount
\npayable in the statement of \ufb01nancial position. The present value is based on a discounted cash \ufb02ow model, market multiples or a
\nrecent transaction during the current year in which the equity value was determined. This applies regardless of whether the group
\nhas the discretion to settle in its own equity instruments or cash. Written put option liabilities that are linked to a committed
\nemployment period are accounted for as cash-settled share-based compensation bene\ufb01ts. The expected redemption amounts
\npayable for these written put options are dependent on the completion of an employment service period. Management\u2019s
\njudgements and estimates relate to the inputs used in determining the present value of the expected redemption amount
\npayable.
\nAccounting for share-based payment transactions
\nThe group recognises cash and equity-settled share-based payment expenses arising from its various share incentive schemes
\nand exercises signi\ufb01cant judgement when calculating these expenses. Where the group has a choice of settlement, it classi\ufb01es
\nthe share-based payment transaction as cash-settled based on management\u2019s estimate of the most likely outcome, its settlement
\npolicy and whether it has a present obligation to settle in cash; otherwise, it accounts for the transaction as equity-settled.
\nExpenses are generally based on the fair values of awards granted to employees.
\nFair value is measured using appropriate valuation and option pricing models, where applicable. The values assigned to the key
\nassumptions used in the valuation models for the group\u2019s most signi\ufb01cant share incentive schemes are disclosed in note 37.
\nThe group provides funding via loan account or provides equity contributions to Naspers group share trusts to acquire Naspers or
\nProsus shares on the market for settlement of Naspers group\u2019s equity-compensation bene\ufb01ts. The trust provided with funding and
\nthe trusts that receive equity contributions from the group are controlled structured entities of the Naspers group as they
\nadminister Naspers group share schemes for all employees and are approved by the Naspers board. The group cannot make
\ndecisions over the Naspers group share trusts unilaterally even in the event that loan funding is provided.
\n\n
\n
\n
\n
\nAccounting judgements related to the cash \ufb02ow classi\ufb01cation for the contribution to Naspers group
\nequity-compensation plans
\nThe Naspers group has restricted stock units (RSUs) and performance share units (PSUs) which are accounted for as equity-settled
\ncompensation plans. These equity-compensation bene\ufb01ts are provided to employees of the Prosus group. Contributions made by
\nthe group to fund the purchase of the shares on the market by the Naspers group share trusts have been classi\ufb01ed as \ufb01nancing
\nactivities on the consolidated statement of cash \ufb02ows. This is because the Prosus group has no economic interest in the shares
\nacquired and does not control the share trusts. The contributions are in substance a distribution to the Naspers group.
\nProsus share exchange with Naspers shareholders
\nProsus o\ufb00ered Naspers shareholders Prosus ordinary shares N in exchange for Naspers N ordinary shares. The transaction
\nresulted in Prosus acquiring Naspers shares. Simultaneously with this transaction, a distribution agreement (hereafter referred to
\nas the cross-holding agreement) was entered into between Naspers and Prosus. The cross-holding agreement takes into account
\nProsus\u2019 indirect interest in itself from holding Naspers shares. It mandates that Prosus waives all rights to all distributions (including
\ndividend \ufb02ows) from its Naspers shares held, other than the portion attributable to the residual interest in the Naspers group
\n(primarily Takealot, Media24 and corporate entities). Prosus is also restricted from disposing all or any portion of its Naspers
\nshares held without the consent of Naspers. In addition, Naspers is obligated to pass on any distributions (including dividends) it
\nreceives from Prosus to its free-\ufb02oat shareholders.
\nMajority of the value of the Naspers shares is derived from the investments in the Prosus group. Based on the substance of the
\ntransaction the portion of Prosus\u2019 e\ufb00ective interest in Naspers that relates to Prosus\u2019 underlying investments is accounted for as a
\nshareholder distribution. This is recognised in equity in the \u2019Existing control business combination reserve\u2019. This portion of the
\ntransaction is therefore treated as a transaction with shareholders in contemplation of a capital restructure. Only Prosus\u2019 residual
\ninterest in the Naspers group is recognised as a FVOCI investment on the consolidated statement of \ufb01nancial position.
\nIn addition, as a result of the cross-holding agreement, Naspers shares acquired by Prosus in the share repurchase programme
\nare accounted for in the same manner as discussed above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20840": {
"value": "Accounting for share-based payment transactions
\nThe group recognises cash and equity-settled share-based payment expenses arising from its various share incentive schemes
\nand exercises signi\ufb01cant judgement when calculating these expenses. Where the group has a choice of settlement, it classi\ufb01es
\nthe share-based payment transaction as cash-settled based on management\u2019s estimate of the most likely outcome, its settlement
\npolicy and whether it has a present obligation to settle in cash; otherwise, it accounts for the transaction as equity-settled.
\nExpenses are generally based on the fair values of awards granted to employees.
\nFair value is measured using appropriate valuation and option pricing models, where applicable. The values assigned to the key
\nassumptions used in the valuation models for the group\u2019s most signi\ufb01cant share incentive schemes are disclosed in note 37.
\nThe group provides funding via loan account or provides equity contributions to Naspers group share trusts to acquire Naspers or
\nProsus shares on the market for settlement of Naspers group\u2019s equity-compensation bene\ufb01ts. The trust provided with funding and
\nthe trusts that receive equity contributions from the group are controlled structured entities of the Naspers group as they
\nadminister Naspers group share schemes for all employees and are approved by the Naspers board. The group cannot make
\ndecisions over the Naspers group share trusts unilaterally even in the event that loan funding is provided.
Accounting policy
\nThe Naspers group grants share options, performance stock units (PSUs) and restricted stock units (RSUs) through the
\nvarious trusts consolidated by the Naspers group and therefore not within the Prosus group, and Prosus grants share
\nappreciation rights (SARs) and share options settled in the shares of the underlying entity within the Prosus group.
\nThe equity-compensation plans are granted to employees of the group. The group recognises an employee bene\ufb01t
\nexpense in the consolidated income statement, representing the fair value of share options, PSUs and RSUs granted. A
\ncorresponding entry to equity is raised for equity-settled plans. For SARs and other cash-settled share option schemes
\nthe group recognises an employee bene\ufb01t expense in the consolidated income statement at fair value of the amount
\npayable to employees over the vesting period during which the employees become entitled to payment. A
\ncorresponding entry to liabilities is raised for these cash-settled plans.
\nThe fair value of the options, PSUs and RSUs at the date of grant under equity-settled plans is charged to the
\nconsolidated income statement over the relevant vesting periods, adjusted to re\ufb02ect actual and expected levels of
\nvesting. For cash-settled plans, the group remeasures the fair value of the recognised liability at each reporting date
\nand at the date of settlement, with changes in fair value recognised in the consolidated income statement.
\nA share option, PSU or RSU scheme is considered equity settled when the transaction is settled through equity
\ninstruments of Prosus N.V. or any of its other subsidiaries or where the group has no obligation to settle awards with
\nparticipants. SARs and other option schemes are considered cash-settled when there is an obligation to settle in cash or
\nany other asset.
\nFunding for PSU and RSU share schemes are recognised as contributions to Naspers group share trusts in equity and
\nare accounted for separately from the equity-compensation plans.
\nOn the \ufb01nal vesting date of equity-settled plans, the group transfers the accumulated balance relating to vested share
\noptions, PSUs and RSUs from the share-based compensation reserve to retained earnings.
\nAll awards are granted subject to the completion of a requisite service (vesting) period by employees, ranging from one
\nyear to \ufb01ve years. Unvested awards are subject to forfeiture on termination of employment. Generally, vesting takes
\nplace in tranches depending on the duration of the total vesting period.
\nAll share options and SARs are granted with an exercise price of not less than 100% of the market value or fair value of
\nthe respective company\u2019s shares on the date of the grant. RSUs/PSUs are granted with an exercise price of zero.
Naspers group share trusts
\nThe Naspers group share trusts hold Naspers shares and Prosus shares (as shareholders) to settle Naspers share
\noptions, RSUs and PSUs held by employees of the Naspers and Prosus group. These share trusts were founded by
\nNaspers and Prosus to administer the Naspers group share schemes for all employees. These share trusts are controlled
\nby Naspers and not Prosus because the Naspers board (the board) approves the granting of the equity-compensation
\nplans and therefore controls the relevant activities of the trusts. Accordingly, Prosus cannot make decisions over these
\nequity-compensation plans unilaterally and has no obligation to settle these plans. On the listing of Prosus, these trusts
\nreceived either Naspers or Prosus shares (the shares), as selected by the trustees, via the capitalisation issue of Naspers
\nN ordinary shares that converted into Prosus ordinary shares N on the listing date. These shares are linked to the
\nrespective Naspers shares and, accordingly, on settlement of the awards, employees will receive the Naspers shares as
\nstipulated on grant date and the linked Prosus/Naspers shares granted upon listing of the group. There was no
\nadjustment to the original strike price. For these share schemes, the settlement is in Naspers shares with linked Prosus
\nshares as a result of\u00a0listing.
\nIn September 2020, the Naspers board approved the establishment of the Prosus RSU share scheme administered by
\nthe new Prosus RSU trust. Similar to the other share trusts, the board controls the operational activity of both the Naspers
\nand Prosus group and via the remuneration committee approves the share scheme rules and the granting of awards.
\nThe settlement of this share scheme will be in Prosus shares and have been granted to both Naspers and Prosus group
\nemployees. Naspers, as the ultimate parent has the ultimate decision-making power regarding equity-compensation
\nbene\ufb01t plans and number of shares granted. These decision-making rights have not been speci\ufb01cally ceded to Prosus.
\nAccordingly, all share trusts discussed above (including the Prosus RSU share trust) are controlled and consolidated by
\nNaspers because the trust\u2019s relevant activities are governed by the remuneration committee as mandated by the board
\nand are used to administer the share schemes of the Naspers group as a whole. In addition, Naspers being the ultimate
\nparent of the group controls the decisions of the trusts.
\nClassi\ufb01cation of equity-compensation plans for the Prosus group
\nProsus group entities issue share options and SARs to employees of the group. Certain of the share option plans are
\nsettled in equity instruments of subsidiaries of the Prosus group and are classi\ufb01ed as equity settled. All of the SARs and
\nthe remaining share option plans are settled by the Prosus group in cash or other assets (including shares of the
\nNaspers group) and are classi\ufb01ed as cash-settled plans.
\nThe share schemes that are settled in Naspers shares are classi\ufb01ed as cash-settled when the Prosus group has the
\nobligation to make settlement, and equity settled when the Naspers group trusts (ie Naspers) has the obligation to make
\nsettlement.
\nClassi\ufb01cation of Naspers equity-compensation plans for the Prosus group
\nIn respect of RSUs and PSUs, awards are automatically settled in Naspers and/or Prosus equity instruments on the
\nvesting date by the relevant Naspers group share trust.
\nNaspers share-based compensation plans in which the group\u2019s employees participate, awards are settled with
\nemployees by the relevant Naspers group share trust and the Prosus group does not have any obligation to settle these
\nawards with employees. Such awards are classi\ufb01ed as equity settled. The equity settled share-based compensation
\nplans administered by the Naspers group trusts relate to Naspers and Prosus RSUs, Naspers PSU schemes and share
\noption schemes. The share options, RSUs and PSUs are classi\ufb01ed as equity settled as the group does not have an
\nobligation to make settlement. Naspers has the obligation to make settlement.
\nRelated party transactions
\nProsus provides funding to the trust to settle share options of the Prosus group employees via loan account. Please refer
\nto note\u00a042 for details of related party balances with the trusts.
\nAlthough the group has various equity-compensation plans in operation, disclosure is provided only for those plans that
\nhad the most signi\ufb01cant impact on the group\u2019s consolidated statement of \ufb01nancial position during the current year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21274": {
"value": "Basis of consolidation Accounting policy
\nThe \ufb01nancial statements include the results of Prosus and its subsidiaries, associated companies and joint ventures.
\nSubsidiaries
\nSubsidiaries are entities over which the group has control. The existence and e\ufb00ect of potential voting rights are
\nconsidered when assessing whether the group controls another entity to the extent that those rights are substantive.
\nSubsidiaries are consolidated from the date on which control is obtained (acquisition date) up to the date control
\nceases. For certain entities, the group has entered into contractual arrangements that allow the group to control such
\nentities. Because the group controls such entities, they are consolidated in the \ufb01nancial statements.
\nIntergroup transactions, balances and unrealised gains and losses are eliminated on consolidation.
\nBusiness combinations
\nBusiness combinations are accounted for using the acquisition method. The consideration transferred in an acquisition of
\na business (acquiree) comprises the fair values of the assets transferred, the liabilities assumed, the equity interests
\nissued by the group and the fair value of any contingent consideration arrangements where applicable. If the contingent
\nconsideration is classi\ufb01ed as equity, it is not subsequently remeasured and settlement is accounted for within equity.
\nOtherwise, subsequent changes to the fair value of the contingent consideration are recognised in the consolidated
\nincome statement.
\nFor each business combination, the group measures the non-controlling interest in the acquiree at the non-controlling
\ninterest\u2019s proportionate share of the acquiree\u2019s identi\ufb01able net assets. Costs related to the acquisition, other than those
\nassociated with the issue of debt or equity securities, are expensed as incurred.
\nWhere a business combination is achieved in stages, the group\u2019s previously held equity interest in the acquiree is
\nremeasured to fair value as at the acquisition date through the consolidated income statement. The fair value of the
\ngroup\u2019s previously held equity interest forms part of the consideration transferred in the business combination at the
\nacquisition date.
\nWhen a selling shareholder is required to remain in the group\u2019s employment subsequent to a business combination,
\nretention agreements are recognised as employee bene\ufb01t arrangements where applicable and dealt with in terms of
\nthe accounting policy for employee or equity-compensation bene\ufb01ts.
\nGoodwill
\nGoodwill in a business combination is recognised at the acquisition date when the consideration transferred and the
\nrecognised amount of non-controlling interests exceed the fair value of the net identi\ufb01able assets of the entity acquired.
\nIf the consideration transferred is lower than the fair value of the identi\ufb01able net assets of the acquiree (a bargain
\npurchase), the di\ufb00erence is recognised in the consolidated income statement. The gain or loss arising on the disposal of
\nan entity is calculated after consideration of attributable goodwill.
\nTransactions with non-controlling shareholders
\nNon-controlling shareholders are equity participants of the group and transactions with non-controlling shareholders are
\ntherefore accounted for in equity and included in the consolidated statement of changes in equity, where the transaction
\ndoes not result in the loss of control of a subsidiary. In transactions with non-controlling shareholders, the excess of the
\ncost/proceeds of the transaction over the group\u2019s proportionate share of the net asset value acquired/disposed is
\nallocated to the Existing control business combination reserve in equity. Refer to \ufb01nancial assets and liabilities for the
\ngroup\u2019s accounting policy regarding written put options over non-controlling interests.
\nCommon control transactions
\nBusiness combinations in which all of the combining entities or businesses are ultimately controlled by the same party or
\nparties both before and after the business combination (and where that control is not transitory) are referred to as
\ncommon control transactions. The accounting policy for the acquiring entity would be to account for the transaction at
\nbook value in its consolidated \ufb01nancial statements. The book value of the acquired entity is the consolidated book value
\nas re\ufb02ected in the consolidated \ufb01nancial statements of Naspers. The excess of the cost of the transaction over the
\nacquirer\u2019s proportionate share of the net asset value acquired in common control transactions, will be allocated to the
\nexisting control business combination reserve in the consolidated statement of changes in equity.
\nThe group applies the above common control accounting policy to distributions of non-cash assets that are ultimately
\ncontrolled by the same party or parties both before and after the distribution.
\nAssociates and joint ventures
\nInvestments in associated companies (associates) and joint ventures are accounted for in terms of the equity method.
\nAssociates are entities over which the group exercises signi\ufb01cant in\ufb02uence, but which it does not control or jointly control.
\nJoint ventures are arrangements in which the group contractually shares control over an activity with others and in which
\nthe parties have rights to the net assets of the arrangement.
\n\n
\n\n
\n
\n
\nMost major foreign associates and joint ventures do not have year-ends that are coterminous with that of the group, and
\nthe group\u2019s accounting policy is to account for an appropriate lag period in reporting their results where it is impractical
\nfor the associates and joint ventures to provide relevant information in time. Signi\ufb01cant transactions and events occurring
\nbetween the investees\u2019 and the group\u2019s March year-end are taken into account.
\nUnrealised gains or losses on transactions between the group and its associates and joint ventures are eliminated to the
\nextent of the group\u2019s interest in the relevant associate or joint venture, except where the loss is indicative of impairment
\nof assets transferred.
\nThe group\u2019s share of other comprehensive income and other changes in net assets of associates and joint ventures is
\nrecognised in the consolidated statement of comprehensive income.
\nFor acquisitions of associates and joint ventures achieved in stages, the group measures the cost of its investment as the
\nsum of the consideration paid for each purchase plus a share of the investee\u2019s pro\ufb01ts and other equity movements.
\nOther comprehensive income recognised in prior periods accumulated in the valuation reserve in relation to the
\npreviously held stake in investee is realised and transferred to retained earnings. Acquisition-related costs form part of
\nthe investment in the associate or joint venture.
\nWhen the group increases its shareholding in an associate or joint venture and continues to exercise signi\ufb01cant in\ufb02uence
\nor to exert joint control over the investee, the cost of the additional investment is added to the carrying value of the
\ninvestee. The acquired share in the investee\u2019s identi\ufb01able net assets, as well as goodwill arising, is calculated using fair
\nvalue information at the date of acquiring the additional interest. Goodwill is included in the carrying value of the
\ninvestment in the associate or joint venture.
\nPartial disposals of associates and joint ventures that do not result in a loss of signi\ufb01cant in\ufb02uence or joint control are
\naccounted for as dilutions. Dilution gains and losses are recognised in the consolidated income statement. The group\u2019s
\nproportionate share of gains or losses previously recognised in the consolidated statement of other comprehensive
\nincome by associates and joint ventures is reclassi\ufb01ed to the consolidated income statement when a dilution occurs if
\nthe gains or losses are required to be reclassi\ufb01ed to the consolidated income statement in terms of the applicable
\naccounting standard.
\nWhen the group increases its shareholding in an associate as a result of a share repurchase programme by the
\nassociate, the increase in the ownership interest impacts the components within the carrying amount of the investment.
\nA\u00a0share repurchase programme by the associate decreases the net asset value of the associate. The excess of the
\ngroup\u2019s share of the decrease in net asset value of the associate over the increase in its share of net assets of the
\nassociate (as a result of the increased shareholding) is recognised as notional goodwill within the carrying value of the
\ninvestment.
\nWhere an associate or joint venture holds equity in the group, the carrying amount of the investment in the associate
\nor\u00a0joint venture is adjusted by an amount representing the group\u2019s indirect holding in its own equity because of the
\ncrossholding. The amount of the group\u2019s share of the associate\u2019s or joint venture\u2019s results is determined after eliminating,
\nfrom the associate\u2019s or joint venture\u2019s results, any income or dividends received by the associate or joint venture from
\nthe\u00a0group.
\nEach associate and joint venture is assessed for impairment indicators at each reporting date as a single asset.
\nImpairment indicators considered will include poor performance of the associate and joint venture on a consistent basis
\nand/or other signi\ufb01cant changes to the business that may indicate that the equity-accounted investment is impaired.
\nIf there is an indicator that it is impaired, the carrying value of the group\u2019s investment in the associate or joint venture is
\nadjusted to its recoverable amount determined as the higher of its fair value less costs of disposal and its value in use.
\nThe resulting impairment loss is included in \u2018Impairment of equity-accounted investments\u2019 in the consolidated income
\nstatement.
\nWhere the group contributes a non-monetary asset (including a business) to an investee in exchange for an interest in
\nthat investee that is equity accounted, the gain or loss arising on the remeasurement of the contributed non-monetary
\nasset to fair value is recognised in the consolidated income statement only to the extent of other parties\u2019 interests in the
\ninvestee. The gain or loss is eliminated against the carrying value of the investment in the associate or joint venture to
\nthe extent of the group\u2019s interest.
\nDisposals
\nWhen the group ceases to have control (subsidiaries), exercise signi\ufb01cant in\ufb02uence (associates) or exert joint control
\n(joint ventures), the retained interest is remeasured to its fair value, with the change in the carrying value recognised in
\nthe consolidated income statement. This fair value is the initial carrying amount for the purposes of subsequent
\naccounting for the retained interest. In addition, the amounts previously recognised in other comprehensive income in
\nrespect of the entity disposed are accounted for as if the group had directly disposed of the related assets or liabilities.
\nThis may mean that amounts previously recognised in other comprehensive income are reclassi\ufb01ed to the consolidated
\nincome statement.
\n\n
\n
\n
\n
\nImpairment of goodwill
\nGoodwill is tested annually for impairment or more frequently if change in circumstance indicates that it may be
\nimpaired. Goodwill is carried at cost less accumulated impairment losses.
\nGoodwill is allocated to cash-generating units for purposes of impairment testing. An impairment test is performed by
\ndetermining the recoverable amount of the cash-generating unit to which the goodwill relates. The recoverable amount
\nof a cash-generating unit or individual asset is the higher of its value in use and its fair value less costs of disposal.
\nWhere the recoverable amount is less than the carrying amount, an impairment loss is recognised in Other (losses)/
\ngains \u2013 net in the consolidated income statement. Impairment losses recognised on goodwill are not reversed in
\nsubsequent periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21280": {
"value": "Subsidiaries Subsidiaries are entities over which the group has control. The existence and e\ufb00ect of potential voting rights are
\nconsidered when assessing whether the group controls another entity to the extent that those rights are substantive.
\nSubsidiaries are consolidated from the date on which control is obtained (acquisition date) up to the date control
\nceases. For certain entities, the group has entered into contractual arrangements that allow the group to control such
\nentities. Because the group controls such entities, they are consolidated in the \ufb01nancial statements.
\nIntergroup transactions, balances and unrealised gains and losses are eliminated on consolidation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21290": {
"value": "Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred in an acquisition of
\na business (acquiree) comprises the fair values of the assets transferred, the liabilities assumed, the equity interests
\nissued by the group and the fair value of any contingent consideration arrangements where applicable. If the contingent
\nconsideration is classi\ufb01ed as equity, it is not subsequently remeasured and settlement is accounted for within equity.
\nOtherwise, subsequent changes to the fair value of the contingent consideration are recognised in the consolidated
\nincome statement.
\nFor each business combination, the group measures the non-controlling interest in the acquiree at the non-controlling
\ninterest\u2019s proportionate share of the acquiree\u2019s identi\ufb01able net assets. Costs related to the acquisition, other than those
\nassociated with the issue of debt or equity securities, are expensed as incurred.
\nWhere a business combination is achieved in stages, the group\u2019s previously held equity interest in the acquiree is
\nremeasured to fair value as at the acquisition date through the consolidated income statement. The fair value of the
\ngroup\u2019s previously held equity interest forms part of the consideration transferred in the business combination at the
\nacquisition date.
\nWhen a selling shareholder is required to remain in the group\u2019s employment subsequent to a business combination,
\nretention agreements are recognised as employee bene\ufb01t arrangements where applicable and dealt with in terms of
\nthe accounting policy for employee or equity-compensation bene\ufb01ts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21291": {
"value": "Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred in an acquisition of
\na business (acquiree) comprises the fair values of the assets transferred, the liabilities assumed, the equity interests
\nissued by the group and the fair value of any contingent consideration arrangements where applicable. If the contingent
\nconsideration is classi\ufb01ed as equity, it is not subsequently remeasured and settlement is accounted for within equity.
\nOtherwise, subsequent changes to the fair value of the contingent consideration are recognised in the consolidated
\nincome statement.
\nFor each business combination, the group measures the non-controlling interest in the acquiree at the non-controlling
\ninterest\u2019s proportionate share of the acquiree\u2019s identi\ufb01able net assets. Costs related to the acquisition, other than those
\nassociated with the issue of debt or equity securities, are expensed as incurred.
\nWhere a business combination is achieved in stages, the group\u2019s previously held equity interest in the acquiree is
\nremeasured to fair value as at the acquisition date through the consolidated income statement. The fair value of the
\ngroup\u2019s previously held equity interest forms part of the consideration transferred in the business combination at the
\nacquisition date.
\nWhen a selling shareholder is required to remain in the group\u2019s employment subsequent to a business combination,
\nretention agreements are recognised as employee bene\ufb01t arrangements where applicable and dealt with in terms of
\nthe accounting policy for employee or equity-compensation bene\ufb01ts.
\nGoodwill
\nGoodwill in a business combination is recognised at the acquisition date when the consideration transferred and the
\nrecognised amount of non-controlling interests exceed the fair value of the net identi\ufb01able assets of the entity acquired.
\nIf the consideration transferred is lower than the fair value of the identi\ufb01able net assets of the acquiree (a bargain
\npurchase), the di\ufb00erence is recognised in the consolidated income statement. The gain or loss arising on the disposal of
\nan entity is calculated after consideration of attributable goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21312": {
"value": "Goodwill Goodwill in a business combination is recognised at the acquisition date when the consideration transferred and the
\nrecognised amount of non-controlling interests exceed the fair value of the net identi\ufb01able assets of the entity acquired.
\nIf the consideration transferred is lower than the fair value of the identi\ufb01able net assets of the acquiree (a bargain
\npurchase), the di\ufb00erence is recognised in the consolidated income statement. The gain or loss arising on the disposal of
an entity is calculated after consideration of attributable goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21322": {
"value": "Transactions with non-controlling shareholders Non-controlling shareholders are equity participants of the group and transactions with non-controlling shareholders are
\ntherefore accounted for in equity and included in the consolidated statement of changes in equity, where the transaction
\ndoes not result in the loss of control of a subsidiary. In transactions with non-controlling shareholders, the excess of the
\ncost/proceeds of the transaction over the group\u2019s proportionate share of the net asset value acquired/disposed is
\nallocated to the Existing control business combination reserve in equity. Refer to \ufb01nancial assets and liabilities for the
\ngroup\u2019s accounting policy regarding written put options over non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21342": {
"value": "Associates and joint ventures Investments in associated companies (associates) and joint ventures are accounted for in terms of the equity method.
\nAssociates are entities over which the group exercises signi\ufb01cant in\ufb02uence, but which it does not control or jointly control.
\nJoint ventures are arrangements in which the group contractually shares control over an activity with others and in which
\nthe parties have rights to the net assets of the arrangement.
\n
\n\n
\n
\n
\nMost major foreign associates and joint ventures do not have year-ends that are coterminous with that of the group, and
\nthe group\u2019s accounting policy is to account for an appropriate lag period in reporting their results where it is impractical
\nfor the associates and joint ventures to provide relevant information in time. Signi\ufb01cant transactions and events occurring
\nbetween the investees\u2019 and the group\u2019s March year-end are taken into account.
\nUnrealised gains or losses on transactions between the group and its associates and joint ventures are eliminated to the
\nextent of the group\u2019s interest in the relevant associate or joint venture, except where the loss is indicative of impairment
\nof assets transferred.
\nThe group\u2019s share of other comprehensive income and other changes in net assets of associates and joint ventures is
\nrecognised in the consolidated statement of comprehensive income.
\nFor acquisitions of associates and joint ventures achieved in stages, the group measures the cost of its investment as the
\nsum of the consideration paid for each purchase plus a share of the investee\u2019s pro\ufb01ts and other equity movements.
\nOther comprehensive income recognised in prior periods accumulated in the valuation reserve in relation to the
\npreviously held stake in investee is realised and transferred to retained earnings. Acquisition-related costs form part of
\nthe investment in the associate or joint venture.
\nWhen the group increases its shareholding in an associate or joint venture and continues to exercise signi\ufb01cant in\ufb02uence
\nor to exert joint control over the investee, the cost of the additional investment is added to the carrying value of the
\ninvestee. The acquired share in the investee\u2019s identi\ufb01able net assets, as well as goodwill arising, is calculated using fair
\nvalue information at the date of acquiring the additional interest. Goodwill is included in the carrying value of the
\ninvestment in the associate or joint venture.
\nPartial disposals of associates and joint ventures that do not result in a loss of signi\ufb01cant in\ufb02uence or joint control are
\naccounted for as dilutions. Dilution gains and losses are recognised in the consolidated income statement. The group\u2019s
\nproportionate share of gains or losses previously recognised in the consolidated statement of other comprehensive
\nincome by associates and joint ventures is reclassi\ufb01ed to the consolidated income statement when a dilution occurs if
\nthe gains or losses are required to be reclassi\ufb01ed to the consolidated income statement in terms of the applicable
\naccounting standard.
\nWhen the group increases its shareholding in an associate as a result of a share repurchase programme by the
\nassociate, the increase in the ownership interest impacts the components within the carrying amount of the investment.
\nA\u00a0share repurchase programme by the associate decreases the net asset value of the associate. The excess of the
\ngroup\u2019s share of the decrease in net asset value of the associate over the increase in its share of net assets of the
\nassociate (as a result of the increased shareholding) is recognised as notional goodwill within the carrying value of the
\ninvestment.
\nWhere an associate or joint venture holds equity in the group, the carrying amount of the investment in the associate
\nor\u00a0joint venture is adjusted by an amount representing the group\u2019s indirect holding in its own equity because of the
\ncrossholding. The amount of the group\u2019s share of the associate\u2019s or joint venture\u2019s results is determined after eliminating,
\nfrom the associate\u2019s or joint venture\u2019s results, any income or dividends received by the associate or joint venture from
\nthe\u00a0group.
\nEach associate and joint venture is assessed for impairment indicators at each reporting date as a single asset.
\nImpairment indicators considered will include poor performance of the associate and joint venture on a consistent basis
\nand/or other signi\ufb01cant changes to the business that may indicate that the equity-accounted investment is impaired.
\nIf there is an indicator that it is impaired, the carrying value of the group\u2019s investment in the associate or joint venture is
\nadjusted to its recoverable amount determined as the higher of its fair value less costs of disposal and its value in use.
\nThe resulting impairment loss is included in \u2018Impairment of equity-accounted investments\u2019 in the consolidated income
\nstatement.
\nWhere the group contributes a non-monetary asset (including a business) to an investee in exchange for an interest in
\nthat investee that is equity accounted, the gain or loss arising on the remeasurement of the contributed non-monetary
\nasset to fair value is recognised in the consolidated income statement only to the extent of other parties\u2019 interests in the
\ninvestee. The gain or loss is eliminated against the carrying value of the investment in the associate or joint venture to
\nthe extent of the group\u2019s interest.
\nDisposals
\nWhen the group ceases to have control (subsidiaries), exercise signi\ufb01cant in\ufb02uence (associates) or exert joint control
\n(joint ventures), the retained interest is remeasured to its fair value, with the change in the carrying value recognised in
\nthe consolidated income statement. This fair value is the initial carrying amount for the purposes of subsequent
\naccounting for the retained interest. In addition, the amounts previously recognised in other comprehensive income in
\nrespect of the entity disposed are accounted for as if the group had directly disposed of the related assets or liabilities.
\nThis may mean that amounts previously recognised in other comprehensive income are reclassi\ufb01ed to the consolidated
\nincome statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21343": {
"value": "Associates and joint ventures Investments in associated companies (associates) and joint ventures are accounted for in terms of the equity method.
\nAssociates are entities over which the group exercises signi\ufb01cant in\ufb02uence, but which it does not control or jointly control.
\nJoint ventures are arrangements in which the group contractually shares control over an activity with others and in which
\nthe parties have rights to the net assets of the arrangement.
\n
\n\n
\n
\n
\nMost major foreign associates and joint ventures do not have year-ends that are coterminous with that of the group, and
\nthe group\u2019s accounting policy is to account for an appropriate lag period in reporting their results where it is impractical
\nfor the associates and joint ventures to provide relevant information in time. Signi\ufb01cant transactions and events occurring
\nbetween the investees\u2019 and the group\u2019s March year-end are taken into account.
\nUnrealised gains or losses on transactions between the group and its associates and joint ventures are eliminated to the
\nextent of the group\u2019s interest in the relevant associate or joint venture, except where the loss is indicative of impairment
\nof assets transferred.
\nThe group\u2019s share of other comprehensive income and other changes in net assets of associates and joint ventures is
\nrecognised in the consolidated statement of comprehensive income.
\nFor acquisitions of associates and joint ventures achieved in stages, the group measures the cost of its investment as the
\nsum of the consideration paid for each purchase plus a share of the investee\u2019s pro\ufb01ts and other equity movements.
\nOther comprehensive income recognised in prior periods accumulated in the valuation reserve in relation to the
\npreviously held stake in investee is realised and transferred to retained earnings. Acquisition-related costs form part of
\nthe investment in the associate or joint venture.
\nWhen the group increases its shareholding in an associate or joint venture and continues to exercise signi\ufb01cant in\ufb02uence
\nor to exert joint control over the investee, the cost of the additional investment is added to the carrying value of the
\ninvestee. The acquired share in the investee\u2019s identi\ufb01able net assets, as well as goodwill arising, is calculated using fair
\nvalue information at the date of acquiring the additional interest. Goodwill is included in the carrying value of the
\ninvestment in the associate or joint venture.
\nPartial disposals of associates and joint ventures that do not result in a loss of signi\ufb01cant in\ufb02uence or joint control are
\naccounted for as dilutions. Dilution gains and losses are recognised in the consolidated income statement. The group\u2019s
\nproportionate share of gains or losses previously recognised in the consolidated statement of other comprehensive
\nincome by associates and joint ventures is reclassi\ufb01ed to the consolidated income statement when a dilution occurs if
\nthe gains or losses are required to be reclassi\ufb01ed to the consolidated income statement in terms of the applicable
\naccounting standard.
\nWhen the group increases its shareholding in an associate as a result of a share repurchase programme by the
\nassociate, the increase in the ownership interest impacts the components within the carrying amount of the investment.
\nA\u00a0share repurchase programme by the associate decreases the net asset value of the associate. The excess of the
\ngroup\u2019s share of the decrease in net asset value of the associate over the increase in its share of net assets of the
\nassociate (as a result of the increased shareholding) is recognised as notional goodwill within the carrying value of the
\ninvestment.
\nWhere an associate or joint venture holds equity in the group, the carrying amount of the investment in the associate
\nor\u00a0joint venture is adjusted by an amount representing the group\u2019s indirect holding in its own equity because of the
\ncrossholding. The amount of the group\u2019s share of the associate\u2019s or joint venture\u2019s results is determined after eliminating,
\nfrom the associate\u2019s or joint venture\u2019s results, any income or dividends received by the associate or joint venture from
\nthe\u00a0group.
\nEach associate and joint venture is assessed for impairment indicators at each reporting date as a single asset.
\nImpairment indicators considered will include poor performance of the associate and joint venture on a consistent basis
\nand/or other signi\ufb01cant changes to the business that may indicate that the equity-accounted investment is impaired.
\nIf there is an indicator that it is impaired, the carrying value of the group\u2019s investment in the associate or joint venture is
\nadjusted to its recoverable amount determined as the higher of its fair value less costs of disposal and its value in use.
\nThe resulting impairment loss is included in \u2018Impairment of equity-accounted investments\u2019 in the consolidated income
\nstatement.
\nWhere the group contributes a non-monetary asset (including a business) to an investee in exchange for an interest in
\nthat investee that is equity accounted, the gain or loss arising on the remeasurement of the contributed non-monetary
\nasset to fair value is recognised in the consolidated income statement only to the extent of other parties\u2019 interests in the
\ninvestee. The gain or loss is eliminated against the carrying value of the investment in the associate or joint venture to
\nthe extent of the group\u2019s interest.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21344": {
"value": "Associates and joint ventures Investments in associated companies (associates) and joint ventures are accounted for in terms of the equity method.
\nAssociates are entities over which the group exercises signi\ufb01cant in\ufb02uence, but which it does not control or jointly control.
\nJoint ventures are arrangements in which the group contractually shares control over an activity with others and in which
\nthe parties have rights to the net assets of the arrangement.
\n
\n\n
\n
\n
\nMost major foreign associates and joint ventures do not have year-ends that are coterminous with that of the group, and
\nthe group\u2019s accounting policy is to account for an appropriate lag period in reporting their results where it is impractical
\nfor the associates and joint ventures to provide relevant information in time. Signi\ufb01cant transactions and events occurring
\nbetween the investees\u2019 and the group\u2019s March year-end are taken into account.
\nUnrealised gains or losses on transactions between the group and its associates and joint ventures are eliminated to the
\nextent of the group\u2019s interest in the relevant associate or joint venture, except where the loss is indicative of impairment
\nof assets transferred.
\nThe group\u2019s share of other comprehensive income and other changes in net assets of associates and joint ventures is
\nrecognised in the consolidated statement of comprehensive income.
\nFor acquisitions of associates and joint ventures achieved in stages, the group measures the cost of its investment as the
\nsum of the consideration paid for each purchase plus a share of the investee\u2019s pro\ufb01ts and other equity movements.
\nOther comprehensive income recognised in prior periods accumulated in the valuation reserve in relation to the
\npreviously held stake in investee is realised and transferred to retained earnings. Acquisition-related costs form part of
\nthe investment in the associate or joint venture.
\nWhen the group increases its shareholding in an associate or joint venture and continues to exercise signi\ufb01cant in\ufb02uence
\nor to exert joint control over the investee, the cost of the additional investment is added to the carrying value of the
\ninvestee. The acquired share in the investee\u2019s identi\ufb01able net assets, as well as goodwill arising, is calculated using fair
\nvalue information at the date of acquiring the additional interest. Goodwill is included in the carrying value of the
\ninvestment in the associate or joint venture.
\nPartial disposals of associates and joint ventures that do not result in a loss of signi\ufb01cant in\ufb02uence or joint control are
\naccounted for as dilutions. Dilution gains and losses are recognised in the consolidated income statement. The group\u2019s
\nproportionate share of gains or losses previously recognised in the consolidated statement of other comprehensive
\nincome by associates and joint ventures is reclassi\ufb01ed to the consolidated income statement when a dilution occurs if
\nthe gains or losses are required to be reclassi\ufb01ed to the consolidated income statement in terms of the applicable
\naccounting standard.
\nWhen the group increases its shareholding in an associate as a result of a share repurchase programme by the
\nassociate, the increase in the ownership interest impacts the components within the carrying amount of the investment.
\nA\u00a0share repurchase programme by the associate decreases the net asset value of the associate. The excess of the
\ngroup\u2019s share of the decrease in net asset value of the associate over the increase in its share of net assets of the
\nassociate (as a result of the increased shareholding) is recognised as notional goodwill within the carrying value of the
\ninvestment.
\nWhere an associate or joint venture holds equity in the group, the carrying amount of the investment in the associate
\nor\u00a0joint venture is adjusted by an amount representing the group\u2019s indirect holding in its own equity because of the
\ncrossholding. The amount of the group\u2019s share of the associate\u2019s or joint venture\u2019s results is determined after eliminating,
\nfrom the associate\u2019s or joint venture\u2019s results, any income or dividends received by the associate or joint venture from
\nthe\u00a0group.
\nEach associate and joint venture is assessed for impairment indicators at each reporting date as a single asset.
\nImpairment indicators considered will include poor performance of the associate and joint venture on a consistent basis
\nand/or other signi\ufb01cant changes to the business that may indicate that the equity-accounted investment is impaired.
\nIf there is an indicator that it is impaired, the carrying value of the group\u2019s investment in the associate or joint venture is
\nadjusted to its recoverable amount determined as the higher of its fair value less costs of disposal and its value in use.
\nThe resulting impairment loss is included in \u2018Impairment of equity-accounted investments\u2019 in the consolidated income
\nstatement.
\nWhere the group contributes a non-monetary asset (including a business) to an investee in exchange for an interest in
\nthat investee that is equity accounted, the gain or loss arising on the remeasurement of the contributed non-monetary
\nasset to fair value is recognised in the consolidated income statement only to the extent of other parties\u2019 interests in the
\ninvestee. The gain or loss is eliminated against the carrying value of the investment in the associate or joint venture to
\nthe extent of the group\u2019s interest.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21402": {
"value": "Unrealised gains or losses on transactions between the group and its associates and joint ventures are eliminated to the
\nextent of the group\u2019s interest in the relevant associate or joint venture, except where the loss is indicative of impairment
\nof assets transferred.
Each associate and joint venture is assessed for impairment indicators at each reporting date as a single asset.
\nImpairment indicators considered will include poor performance of the associate and joint venture on a consistent basis
\nand/or other signi\ufb01cant changes to the business that may indicate that the equity-accounted investment is impaired.
\nIf there is an indicator that it is impaired, the carrying value of the group\u2019s investment in the associate or joint venture is
\nadjusted to its recoverable amount determined as the higher of its fair value less costs of disposal and its value in use.
\nThe resulting impairment loss is included in \u2018Impairment of equity-accounted investments\u2019 in the consolidated income
\nstatement.
Impairment of goodwill
\nGoodwill is tested annually for impairment or more frequently if change in circumstance indicates that it may be
\nimpaired. Goodwill is carried at cost less accumulated impairment losses.
\nGoodwill is allocated to cash-generating units for purposes of impairment testing. An impairment test is performed by
\ndetermining the recoverable amount of the cash-generating unit to which the goodwill relates. The recoverable amount
\nof a cash-generating unit or individual asset is the higher of its value in use and its fair value less costs of disposal.
\nWhere the recoverable amount is less than the carrying amount, an impairment loss is recognised in Other (losses)/
\ngains \u2013 net in the consolidated income statement. Impairment losses recognised on goodwill are not reversed in
\nsubsequent periods.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21531": {
"value": "6.Business combinations, other acquisitions and disposals
\nThe following relates to the group\u2019s signi\ufb01cant transactions related to business combinations and other investments for the year
\nended 31 March 2023:
\nAmount invested US$\u2019m
\nCompany
Classi\ufb01cation
\nNet
\ncash
\npaid/
\n(received)
\nNon-cash
\nconsi-
\nderation
\nCash in
\nentity
\nacquired/
\n(disposed)
\nTotal
\nconsi-
\nderation
\nAcquisition of subsidiaries
\nOther
\n1
\nSubsidiary
18
\u2013
1
19
\n18
\u2013
1
19
\nAcquisition of equity-accounted investments
\nOther
\n1
\nAssociate
12
\u2013
\u2013
12
\n12
\u2013
\u2013
12
\nAdditional investment in existing equity-
\naccounted investments
\na
Delivery Hero SE (Delivery Hero)
Associate
194
288
\u2013
482
\nOther
\n1
\nAssociate
98
\u2013
\u2013
98
\n292
288
\u2013
580
\nOther investments
\nb
DoorDash Inc. (DoorDash)
FVOCI
\u2013
58
\u2013
58
\ne
Think & Learn Private Limited (BYJU\u2019S)
FVOCI
\u2013
578
\u2013
578
\nf
Udemy Inc. (Udemy)
FVOCI
\u2013
207
\u2013
207
\nh
Oda Norway AS (Oda)
FVOCI
\u2013
45
\u2013
45
\ng
Meituan
FVOCI
\u2013
4 523
\u2013
4 523
\nOther
\n1, 2
\nFVOCI/FVPL
559
\u2013
\u2013
559
\n559
5 411
\u2013
5 970
\nDisposal/Partial disposal of investments
\nb
Wolt Enterprises OY (Wolt)
FVOCI
\u2013
(58)
\u2013
(58)
\nc
JD.com
FVOCI
(3 666)
\u2013
\u2013
(3 666)
\nd
Tencent Holdings Limited (Tencent)
Associate
(10 613)
(103)
\u2013
(10 716)
\ne
Think & Learn Private Limited (BYJU\u2019S)
Associate
\u2013
(578)
\u2013
(578)
\nf
Udemy Inc. (Udemy)
Associate
\u2013
(207)
\u2013
(207)
\nh
Oda Norway AS (Oda)
Associate
\u2013
(45)
\u2013
(45)
\nOther
\n1
\n(44)
\u2013
\u2013
(44)
\n(14 323)
(991)
\u2013
(15 314)
\nDisposal of subsidiaries
\ni
Avito
Subsidiary
(2 039)
\u2013
(326)
(2 365)
\nOther
\n1
\nSubsidiary
(14)
(21)
(14)
(49)
\n(2 053)
(21)
(340)
(2 414)
\n1 \u2018Other\u2019 includes various acquisitions and disposals of subsidiaries, associates, joint ventures and other investments that are not individually material.
\n2 Includes the call options acquired for Delivery Hero shares prior to them being exercised.
\nAdditional investment in existing equity-accounted investments
\na.
During the current year the group acquired an additional investment in Delivery Hero between December 2022 and
\nMarch\u00a02023, which increased its shareholding by approximately 4% to 29.95%. The additional interest was acquired
\nby\u00a0the\u00a0purchase of shares on the market for US$194m and the purchase of a call option to acquire additional shares which
\nwas exercised in March 2023.
\n
\n
\n
\n
\n
\n
\nOther investments
\nb.
In June 2022, in exchange for the group\u2019s entire interest in Wolt (a food and grocery-delivery marketplace), the group received
\nshares in DoorDash to the value of US$58m. DoorDash is a predominantly US-focused, food, grocery, and retail delivery
\nmarketplace, listed on the NYSE. The investment is not held for trading, therefore the group accounts for this as an investment
\nat fair value through other comprehensive income.
\nDisposal/Partial disposal of investments
\nc.
In March 2022, the group received a special interim dividend from Tencent in the form of a distribution in specie of
\n131 873 028 JD.com shares. The group completed the sale of the 131 873 028 JD.com shares in June 2022, for total proceeds
\nof US$3.67bn. Accumulated fair value losses related to these shares of US$189m were reclassi\ufb01ed from the valuation reserve
\nto retained earnings within equity as a result of this disposal.
\nd.
From June 2022 to the end of March 2023, the group sold approximately 3% of Tencent\u2019s issued share capital. The group
\nreduced its stake in Tencent from 29% to 26%, for total proceeds of US$10.7bn of which US$103m was receivable at 31 March
\n2023. The group recognised a gain on partial disposal of US$7.6bn including a reclassi\ufb01cation of accumulated foreign
\ncurrency translation losses of US$155m. Proceeds from this disposal are used to fund the group\u2019s share repurchase
\nprogramme.
\ne.
In September 2022, the group lost signi\ufb01cant in\ufb02uence in BYJU\u2019S as it no longer exerts signi\ufb01cant in\ufb02uence over the \ufb01nancial
\nand operating policies of the entity. The group recognised a gain on loss of signi\ufb01cant in\ufb02uence of the associate of US$22m,
\nincluding a reclassi\ufb01cation of the accumulated foreign currency translation losses of US$55m. The group accounted for its
\n9.60% e\ufb00ective interest in BYJU\u2019S at fair value through other comprehensive income. The fair value of BYJU\u2019S investment
\nsubsequent to the loss of signi\ufb01cant in\ufb02uence is US$578m.
\nf.
In September 2022, the group lost its board representation in Udemy. The group recognised a gain on loss of signi\ufb01cant
\nin\ufb02uence of the associate of US$77m. The group accounts for its 11.78% e\ufb00ective interest in Udemy at fair value through other
\ncomprehensive income. The fair value of the Udemy investment subsequent to the loss of signi\ufb01cant in\ufb02uence is US$207m.
\ng.
In November 2022, Tencent declared a special interim dividend in the form of a distribution in specie of 958 121 562 class B
\nordinary shares of Meituan to its shareholders on the basis of one (1) class B ordinary share of Meituan for every 10 shares
\nheld. As a result of this distribution the group obtained a 4% e\ufb00ective interest (257 460 450 class B ordinary shares) in
\nMeituan. Meituan is a Chinese shopping platform for locally found consumer products and retail services including
\nentertainment, dining, delivery, travel and other services. The investment is not held for trading; however, the group expects to
\nsell the shares in due course. The group accounts for this as an investment at fair value through other comprehensive income.
\nThe group recognised a dividend receivable up until the distribution date of 24 March 2023. The dividend in specie
\ndistribution of the investment in Meituan has reduced the investment in Tencent by US$4.5bn, representing the fair value of the
\ninvestment on the distribution date.
\nh.
In December 2022, the group lost its signi\ufb01cant in\ufb02uence in Oda due to the loss of its board representation. The group
\nrecognised a loss of US$68m on loss of signi\ufb01cant in\ufb02uence of the associate, including a reclassi\ufb01cation of the accumulated
\nforeign currency translation losses of US$14m. The group accounts for its 12.87% e\ufb00ective interest in Oda at fair value through
\nother comprehensive income. The fair value of the Oda investment subsequent to the loss of signi\ufb01cant in\ufb02uence is US$45m.
\nDisposal of subsidiaries
\ni.
In October 2022, the group entered into an agreement to sell its shareholding in Avito to Kismet Capital Group (Kismet) for a
\ntotal cash consideration of US$2.4bn. Kismet is a private investment group with a track record of investing in technology and
\ntelecommunications businesses in Russia. The group recognised a gain on disposal of the subsidiary of US$568m, including a
\nreclassi\ufb01cation of the accumulated foreign currency translation gain of US$202m.
\n
\n
\n
\nThe following sets out the group\u2019s signi\ufb01cant transactions related to business combinations and equity-accounted investments for
\nthe year ended 31 March 2022:
\nAmount invested US$\u2019m
\nCompany
Classi\ufb01cation
\nNet
\ncash
\npaid/
\n(received)
\nNon-cash
\nconsi-
\nderation
\nCash in
\nentity
\nacquired
\nTotal
\nconsi-
\nderation
\nAcquisition of subsidiaries
\na.
Good Bidco B.V. (GoodHabitz)
Subsidiary
252
\u2013
6
258
\nb.
Stack Over\ufb02ow
Subsidiary
1 644
\u2013
98
1 742
\n1 896
\u2013
104
2 000
\nAcquisition of equity-accounted investments
\nc.
Oda
Associate
116
\u2013
\u2013
116
\nd.
API Holdings Private Limited (PharmEasy)
Associate
220
\u2013
\u2013
220
\ne.
Skillsoft Corp.
Associate
500
38
\u2013
538
\nf.
Flink SE (Flink)
Associate
84
\u2013
\u2013
84
\nOther
\n1
\nAssociate
441
\u2013
\u2013
441
\n1 361
38
\u2013
1 399
\nAdditional investment in existing equity-
\naccounted investments
\ng.
Bundl Technologies Private Limited (Swiggy)
Associate
299
\u2013
\u2013
299
\nh.
NTex Transportation Services Private
\nLimited (ElasticRun)
Associate
90
\u2013
\u2013
90
\ni.
Think & Learn Private Limited (BYJU\u2019S)
Associate
153
\u2013
\u2013
153
\nj.
Delivery Hero SE (Delivery Hero)
Associate
298
1 242
\u2013
1 540
\nk.
Eruditus Learning Solutions Limited (Eruditus)
Associate
127
\u2013
\u2013
127
\nl.
Meesho Inc. (Meesho)
Associate
134
\u2013
\u2013
134
\nOther
\n1
\nAssociate/
\nJoint Venture
222
\u2013
\u2013
222
\n1 323
1 242
\u2013
2 565
\nOther investments
\nm.
UrbanClap Technologies India Private Limited
\n(Urban Company)
FVOCI
84
\u2013
\u2013
84
\nj.
Delivery Hero
\n2
\nFVPL
936
\u2013
\u2013
936
\nn.
JD.com
FVOCI
\u2013
3 855
\u2013
3 855
\no.
GoStudent
FVOCI
226
\u2013
\u2013
226
\nOther
\n1
\n231
\u2013
\u2013
231
\n1 477
3 855
\u2013
5 332
\nPartial disposal of equity-accounted
\ninvestments
\np.
Tencent Holdings Limited (Tencent)
Associate
(14 609)
\u2013
\u2013
(14 609)
\n(14 609)
\u2013
\u2013
(14 609)
\n1 \u2018Other\u2019 includes various acquisitions of subsidiaries, associates and other investments that are not individually material.
\n2 Relates to the Delivery Hero shares bought in August 2021 and September 2021 before Competition Commission approval was obtained. Subsequent to the
\napproval this amount was capitalised to the carrying value of the investment in associate.
\n
\n
\n
\n
\n
\n
\n Financial year ended 31 March 2022
\nAcquisition of subsidiaries
\na.
In June 2021, the group acquired a 62% e\ufb00ective interest (61% fully diluted) for US$258m in GoodHabitz. GoodHabitz provides
\neducational information online, o\ufb00ering commercial, management, and technical training services in the Netherlands. The
\ngroup accounted for this investment as a subsidiary.
\nThe group has a put option arrangement with the non-controlling interest exercisable at speci\ufb01ed future dates. The settlement
\nof the put option arrangement is in cash or shares at the group\u2019s discretion. At acquisition, the group recognised a put option
\nliability amounting to US$144m representing the expected redemption amount payable to non-controlling shareholders upon
\nsettlement of their ownership interest in the entity, included in the \u2019Other non-current liabilities\u2019 line on the statement of
\n\ufb01nancial position.
\nIn addition, the group has a call option arrangement with the non-controlling shareholder that is linked to employment. It is
\nexercisable at speci\ufb01ed future dates upon termination of employment of the non-controlling shareholder due to speci\ufb01ed
\ncircumstances. The group has the right to settle this call option in cash at the fair value of shareholders\u2019 interest. The non-
\ncontrolling shareholder currently has all the economic bene\ufb01ts associated with ownership of the shares. As a result, the
\ngroup\u2019s obligation to settle this interest is included in the put option liability mentioned above.
\nThe main intangible assets recognised in the business combination were customer relationships, trademarks and technology.
\nThe main factor contributing to the goodwill recognised in the acquisition is GoodHabitz\u2019s market presence, product
\ndevelopment capabilities and engineering capabilities.
\nb.
In August 2021, the group acquired a 100% e\ufb00ective and dilutive interest for US$1.7bn in Stack Over\ufb02ow. Stack Over\ufb02ow is a
\nleading knowledge-sharing platform for the global community of developers and technologists. The group accounted for this
\ninvestment as a subsidiary.
\nThe main intangible assets recognised in the business combination were trade names, technology and customer relationships.
\nThe main factor contributing to the goodwill recognised in the acquisition is Stack Over\ufb02ow\u2019s market presence and
\nengineering capabilities to develop future customers.
\nThe purchase price allocations for the above two acquisitions, in the Edtech segment, were not yet \ufb01nalised as at
\n30\u00a0September 2021, therefore preliminary \ufb01gures were disclosed in the condensed consolidated interim \ufb01nancial statements.
\nThe changes between the \ufb01nal and preliminary fair values were not material. The table below summarises the \ufb01nal fair
\nvalues of each major class of identi\ufb01able assets and liabilities recognised for the above two acquisitions on the acquisition
\ndate.
\nSince the acquisition dates of the above business combinations, revenue of US$83m and net losses of US$102m have been
\nincluded in the group\u2019s income statement. The impact on revenue and net losses from the above transactions, had the
\nacquisitions taken place on 1 April 2021, were US$115m and US$108m respectively.
\nAcquisition date fair values of each major class of identi\ufb01able assets and liabilities recognised
\nGoodHabitz
\nJune 2021
\nUS$\u2019m
\nStack
\nOver\ufb02ow
\nAugust 2021
\nUS$\u2019m
\nTotal consideration
258
1 742
\n25
283
\nIntangible assets
62
247
\nProperty, plant and equipment
1
2
\nCash and deposits
6
98
\nOther receivables
8
36
\nOther liabilities
(22)
(35)
\nDeferred tax liabilities
(14)
(65)
\nNon-controlling interest
\n1
\n(16)
\u2013
\nGoodwill
233
1 459
\n1 Non-controlling interest is measured at its proportionate share of the identi\ufb01able net assets of GoodHabitz at the acquisition date.
\n
\n
\n
\n
Acquisition of equity-accounted investments
\nc.
In April 2021, the group acquired a 13% e\ufb00ective (12% fully diluted) interest for US$116m in Oda, Norway\u2019s largest online
\ngrocery business. The group accounted for this investment as an equity-accounted associate on account of its signi\ufb01cant
\nin\ufb02uence on the board of directors.
\nd.
In May 2021, the group acquired a 16% e\ufb00ective interest (15% fully diluted) for US$191m in PharmEasy. PharmEasy owns
\nIndia\u2019s largest integrated digital healthcare platforms. The group accounted for this investment as an equity-accounted
\nassociate on account of its signi\ufb01cant in\ufb02uence on the board of directors.
\nSubsequent to this initial investment the group made an additional investment amounting to US$29m. As we did not
\nparticipate equally in the funding round our e\ufb00ective interest is 14% (12% fully diluted) in PharmEasy. The group continues to
\naccount for its interest in PharmEasy as an investment in an associate on account of its signi\ufb01cant in\ufb02uence on the board of
\ndirectors.
\ne.
In June 2021, the group acquired a 38% e\ufb00ective interest (34% fully diluted) for US$500m in Skillsoft Corp. (Churchill). Churchill
\nis a special-purpose acquisition company that provides cloud-based learning, training and talent management solutions
\nthrough its acquisition of Skillsoft Corp. (NYSE: SKIL) (Skillsoft) and Global Knowledge Training LLC (Global Knowledge).
\nSkillsoft, a global leader in corporate digital learning, commenced trading on the New York Stock Exchange (NYSE) under the
\nticker symbol \u2018SKIL\u2019. This follows the completion of Software Luxembourg Holding S.A.\u2019s merger with Churchill Capital Corp. II
\nand combination with Global Knowledge in June 2021, with the combined company now operating as Skillsoft. The group
\naccounted for this investment as an equity-accounted associate. The cost of the investment in associate includes the fair value
\nof a derivative \ufb01nancial asset amounting to US$38m at date of closing that arose because the purchase price for this
\ninvestment was \ufb01xed in October 2020 on the signing date of this transaction.
\nIn addition to the associate investment in Skillsoft the group received 16 666 667 issued public warrants amounting to US$41m
\nin exchange for corporate support services to be provided to the company. The public warrants give the group the right to
\npurchase Skillsoft common stock at an exercise price of US$11.50 per share or are subject to a compulsory cash redemption
\non speci\ufb01ed future dates and are contingent on the Skillsoft share price. The group accounts for these warrants as \ufb01nancial
\nassets at fair value through pro\ufb01t or loss and recognised deferred income for the support services to be provided over a
\nspeci\ufb01ed period.
\nf.
In July 2021, the group acquired a 12% e\ufb00ective interest (12% fully diluted) for US$84m in Flink. Flink is a German-based
\ninstant grocery-delivery company. The group will account for this investment as an equity-accounted associate on account of
\nits signi\ufb01cant in\ufb02uence on the board of directors. The agreement includes an arrangement with the founder shareholders in
\nwhich their shareholding may be repurchased by Flink upon termination of employment at speci\ufb01ed values. This share-based
\npayment arrangement will be settled in cash. The founder\u2019s legal shareholding at acquisition is therefore accounted for as a
\ncompound \ufb01nancial instrument and not as a shareholder ownership interest. This increased the group\u2019s economic interest for
\nequity accounting of the associate to 20% as a result of this arrangement.
\nAdditional investment in existing equity-accounted investments
\ng.
In April 2021 and February 2022, the group made an additional investment in Swiggy, the operator of a \ufb01rst-party food-
\ndelivery marketplace in India, amounting to US$274m and US$25m respectively. At 31 March 2021, the group held a 41%
\ne\ufb00ective interest. As we did not participate equally in the funding round, our e\ufb00ective interest is 33% (31% fully diluted) in
\nSwiggy. The group continues to account for its interest in Swiggy as an investment in an associate.
\nh.
In April 2021 and February 2022, the group made an additional investment in ElasticRun, a software and technology platform
\nfor providing transportation and logistics services in India, amounting to US$30m and US$60m respectively. At 31\u00a0March 2021,
\nthe group held a 20% e\ufb00ective interest. Following these investments, the group holds a 23% e\ufb00ective interest (22% fully diluted)
\nin ElasticRun. The group continues to account for its interest in ElasticRun as an investment in an associate.
\ni.
In April 2021, the group made an additional investment amounting to US$153m in BYJU\u2019S, India\u2019s largest education company
\nand the creator of India\u2019s largest personalised learning app. At 31 March 2021, the group held an 11% e\ufb00ective interest.
\nFollowing this investment, the group retained its 11% e\ufb00ective interest (10% fully diluted) in BYJU\u2019S. The group continues to
\naccount for its interest in BYJU\u2019S as an investment in an associate on account of its signi\ufb01cant in\ufb02uence on the board of
\ndirectors.
\n
\n
\n
\n
\n
\n
\n
\n
\nj.
In May 2021, the group completed bilateral trades that resulted in an additional investment in Delivery Hero. The group
\nacquired an additional investment in Delivery Hero in March 2021, which increased its shareholding by 8% to approximately
\n24.99%. The additional investment was acquired via the market and bilateral trades. At 31 March 2021, while legal ownership
\nhad transferred for this 8% additional interest, the access to the returns associated with the ownership had not fully transferred
\nfor 4% of this interest. Accordingly, the e\ufb00ective interest in Delivery Hero recognised at 31 March 2021 was 21% with the
\nremaining 4% amounting to US$1.2bn recognised as a contractual right to receive the shares or cash. In May 2021, the
\nbilateral trades for the remaining 4% were completed, resulting in an increase in the e\ufb00ective shareholding of Delivery Hero to
\n24.99% as the access to the returns associated with the ownership for these shares has been transferred. The group paid an
\nadditional US$188m for the increase in share price for this interest between March and May 2021. In addition, the \ufb01nancial
\nasset amounting to US$1.2bn recognised at 31 March 2021 for the right to receive this interest or cash was derecognised
\nagainst the carrying value of the investment.
\nFurther, in August 2021 the group announced its intention to acquire an additional 2.5% stake in Delivery Hero, subject to
\nAustrian Competition regulatory approval, through its subsidiary, MIH Food Holdings B.V. The competition approval was
\ngranted in September and accordingly the group acquired an additional investment in Delivery Hero. The group increased its
\nshareholding in Delivery Hero by 2.5% to 27% from 25%.
\nThe additional investment was acquired initially as a call option to acquire the shares subject to competition approval. The
\ncall option was acquired at the fair value of the shares amounting to US$936m and recognised as a \ufb01nancial instrument
\nmeasured at fair value through pro\ufb01t or loss. In addition, the group applied cash \ufb02ow hedge accounting to the highly
\nprobable forecast acquisition of this additional investment, hedging the exposure to future share price increases in Delivery
\nHero shares between the date the call option was acquired, and the date approval was granted to acquire the additional
\nshares. The additional investment in Delivery Hero was based on the fair value of the call option on the date that the
\napproval was granted (US$817m) and the accumulated losses in the cash \ufb02ow hedge reserve (US$119m). The accumulated
\nlosses within the cash \ufb02ow hedge reserve were included in the cost of the investment, as based on the group\u2019s judgement the
\ninvestment in associate is a non-\ufb01nancial asset. The resulting additional investment in Delivery Hero recognised after the basis
\nadjustment was US$936m.
\nk.
In August 2021, the group made an additional investment amounting to US$127m in Eruditus, an online platform using
\ntechnology and curriculum innovation to o\ufb00er professional education courses in collaboration with top-ranked universities
\nglobally. At 31 March 2021, the group held a 9% e\ufb00ective interest. Following these investments, the group holds a 13%
\ne\ufb00ective interest (11% fully diluted) in Eruditus. The group continues to account for its interest in Eruditus as an investment in an
\nassociate on account of its signi\ufb01cant in\ufb02uence on the board of directors.
\nl.
In September 2021, the group made an additional investment amounting to US$134m in Meesho, a leading social commerce
\nonline marketplace in India that enables independent resellers to build small businesses by connecting them with suppliers
\nto\u00a0curate a catalogue of goods and services to sell. Meesho also provides logistics and payment tools on its platform. At
\n31\u00a0March 2021, the group held a 12% e\ufb00ective interest. Following these investments, the group holds a 13% e\ufb00ective interest
\n(12% fully diluted) in Meesho. The group continues to account for its interest in Meesho as an investment in an associate on
\naccount of its signi\ufb01cant in\ufb02uence on the board of directors.
\nOther investments
\nm. In April 2021, the group acquired a 4% e\ufb00ective interest (4% fully diluted) for US$84m in Urban Company. Urban Company is
\none of the largest home services platforms in Asia, with representation in India, UAE, Singapore and Australia. The investment
\nis not held for trading, therefore the group accounts for this as an investment at fair value through other comprehensive
\nincome.
\nn.
In December 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457 326 671 Class A
\nordinary shares of JD.com to its shareholders on the basis of 1 Class A ordinary share of JD.com for every 21 shares held.
\nAs\u00a0a result of this distribution the group obtained a 4% e\ufb00ective (131 873 028 Class A ordinary shares) interest in JD.com.
\nJD.com is a platform creator that brings value to partners and customers in sectors such as ecommerce, logistics, internet
\n\ufb01nance, cloud computing and smart technology. The investment is not held for trading, therefore the group accounts for this as
\nan investment at fair value through other comprehensive income.
\nThe group recognised a dividend receivable up until the distribution date of 25 March 2022. The dividend in specie
\ndistribution of the investment in JD.com has reduced the investment in Tencent by US$3.9bn representing the fair value of the
\ninvestment on the distribution date.
\no.
In March 2022, the group acquired an 8% e\ufb00ective (7% fully diluted) interest for US$226m in GoStudent. GoStudent is a
\nprovider of online tutoring services in a 1:1, video-based format to K\u201312 students via a managed marketplace model in
\nAustria. The investment is not held for trading, therefore the group accounts for this as an investment at fair value through
\nother comprehensive income.
\n
\n
\n
\n
Disposal of equity-accounted investments
\np.
In April 2021, the group sold 2% of Tencent total issued share capital. The sale reduced its stake in Tencent from
\napproximately 31% to 29%, yielding US$14.6bn in proceeds and a gain on partial disposal of US$12.3bn. The group
\nreclassi\ufb01ed a gain of US$41m from the foreign currency translation reserve to the consolidated income statement related to
\nthis partial disposal. Proceeds from this disposal are included in short-term investments on the consolidated statement of
\n\ufb01nancial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21532": {
"value": "6.Business combinations, other acquisitions and disposals
\nThe following relates to the group\u2019s signi\ufb01cant transactions related to business combinations and other investments for the year
\nended 31 March 2023:
\nAmount invested US$\u2019m
\nCompany
Classi\ufb01cation
\nNet
\ncash
\npaid/
\n(received)
\nNon-cash
\nconsi-
\nderation
\nCash in
\nentity
\nacquired/
\n(disposed)
\nTotal
\nconsi-
\nderation
\nAcquisition of subsidiaries
\nOther
\n1
\nSubsidiary
18
\u2013
1
19
\n18
\u2013
1
19
\nAcquisition of equity-accounted investments
\nOther
\n1
\nAssociate
12
\u2013
\u2013
12
\n12
\u2013
\u2013
12
\nAdditional investment in existing equity-
\naccounted investments
\na
Delivery Hero SE (Delivery Hero)
Associate
194
288
\u2013
482
\nOther
\n1
\nAssociate
98
\u2013
\u2013
98
\n292
288
\u2013
580
\nOther investments
\nb
DoorDash Inc. (DoorDash)
FVOCI
\u2013
58
\u2013
58
\ne
Think & Learn Private Limited (BYJU\u2019S)
FVOCI
\u2013
578
\u2013
578
\nf
Udemy Inc. (Udemy)
FVOCI
\u2013
207
\u2013
207
\nh
Oda Norway AS (Oda)
FVOCI
\u2013
45
\u2013
45
\ng
Meituan
FVOCI
\u2013
4 523
\u2013
4 523
\nOther
\n1, 2
\nFVOCI/FVPL
559
\u2013
\u2013
559
\n559
5 411
\u2013
5 970
\nDisposal/Partial disposal of investments
\nb
Wolt Enterprises OY (Wolt)
FVOCI
\u2013
(58)
\u2013
(58)
\nc
JD.com
FVOCI
(3 666)
\u2013
\u2013
(3 666)
\nd
Tencent Holdings Limited (Tencent)
Associate
(10 613)
(103)
\u2013
(10 716)
\ne
Think & Learn Private Limited (BYJU\u2019S)
Associate
\u2013
(578)
\u2013
(578)
\nf
Udemy Inc. (Udemy)
Associate
\u2013
(207)
\u2013
(207)
\nh
Oda Norway AS (Oda)
Associate
\u2013
(45)
\u2013
(45)
\nOther
\n1
\n(44)
\u2013
\u2013
(44)
\n(14 323)
(991)
\u2013
(15 314)
\nDisposal of subsidiaries
\ni
Avito
Subsidiary
(2 039)
\u2013
(326)
(2 365)
\nOther
\n1
\nSubsidiary
(14)
(21)
(14)
(49)
\n(2 053)
(21)
(340)
(2 414)
\n1 \u2018Other\u2019 includes various acquisitions and disposals of subsidiaries, associates, joint ventures and other investments that are not individually material.
\n2 Includes the call options acquired for Delivery Hero shares prior to them being exercised.
\nAdditional investment in existing equity-accounted investments
\na.
During the current year the group acquired an additional investment in Delivery Hero between December 2022 and
\nMarch\u00a02023, which increased its shareholding by approximately 4% to 29.95%. The additional interest was acquired
\nby\u00a0the\u00a0purchase of shares on the market for US$194m and the purchase of a call option to acquire additional shares which
\nwas exercised in March 2023.
\n
\n
\n
\n
\n
\n
\nOther investments
\nb.
In June 2022, in exchange for the group\u2019s entire interest in Wolt (a food and grocery-delivery marketplace), the group received
\nshares in DoorDash to the value of US$58m. DoorDash is a predominantly US-focused, food, grocery, and retail delivery
\nmarketplace, listed on the NYSE. The investment is not held for trading, therefore the group accounts for this as an investment
\nat fair value through other comprehensive income.
\nDisposal/Partial disposal of investments
\nc.
In March 2022, the group received a special interim dividend from Tencent in the form of a distribution in specie of
\n131 873 028 JD.com shares. The group completed the sale of the 131 873 028 JD.com shares in June 2022, for total proceeds
\nof US$3.67bn. Accumulated fair value losses related to these shares of US$189m were reclassi\ufb01ed from the valuation reserve
\nto retained earnings within equity as a result of this disposal.
\nd.
From June 2022 to the end of March 2023, the group sold approximately 3% of Tencent\u2019s issued share capital. The group
\nreduced its stake in Tencent from 29% to 26%, for total proceeds of US$10.7bn of which US$103m was receivable at 31 March
\n2023. The group recognised a gain on partial disposal of US$7.6bn including a reclassi\ufb01cation of accumulated foreign
\ncurrency translation losses of US$155m. Proceeds from this disposal are used to fund the group\u2019s share repurchase
\nprogramme.
\ne.
In September 2022, the group lost signi\ufb01cant in\ufb02uence in BYJU\u2019S as it no longer exerts signi\ufb01cant in\ufb02uence over the \ufb01nancial
\nand operating policies of the entity. The group recognised a gain on loss of signi\ufb01cant in\ufb02uence of the associate of US$22m,
\nincluding a reclassi\ufb01cation of the accumulated foreign currency translation losses of US$55m. The group accounted for its
\n9.60% e\ufb00ective interest in BYJU\u2019S at fair value through other comprehensive income. The fair value of BYJU\u2019S investment
\nsubsequent to the loss of signi\ufb01cant in\ufb02uence is US$578m.
\nf.
In September 2022, the group lost its board representation in Udemy. The group recognised a gain on loss of signi\ufb01cant
\nin\ufb02uence of the associate of US$77m. The group accounts for its 11.78% e\ufb00ective interest in Udemy at fair value through other
\ncomprehensive income. The fair value of the Udemy investment subsequent to the loss of signi\ufb01cant in\ufb02uence is US$207m.
\ng.
In November 2022, Tencent declared a special interim dividend in the form of a distribution in specie of 958 121 562 class B
\nordinary shares of Meituan to its shareholders on the basis of one (1) class B ordinary share of Meituan for every 10 shares
\nheld. As a result of this distribution the group obtained a 4% e\ufb00ective interest (257 460 450 class B ordinary shares) in
\nMeituan. Meituan is a Chinese shopping platform for locally found consumer products and retail services including
\nentertainment, dining, delivery, travel and other services. The investment is not held for trading; however, the group expects to
\nsell the shares in due course. The group accounts for this as an investment at fair value through other comprehensive income.
\nThe group recognised a dividend receivable up until the distribution date of 24 March 2023. The dividend in specie
\ndistribution of the investment in Meituan has reduced the investment in Tencent by US$4.5bn, representing the fair value of the
\ninvestment on the distribution date.
\nh.
In December 2022, the group lost its signi\ufb01cant in\ufb02uence in Oda due to the loss of its board representation. The group
\nrecognised a loss of US$68m on loss of signi\ufb01cant in\ufb02uence of the associate, including a reclassi\ufb01cation of the accumulated
\nforeign currency translation losses of US$14m. The group accounts for its 12.87% e\ufb00ective interest in Oda at fair value through
\nother comprehensive income. The fair value of the Oda investment subsequent to the loss of signi\ufb01cant in\ufb02uence is US$45m.
\nDisposal of subsidiaries
\ni.
In October 2022, the group entered into an agreement to sell its shareholding in Avito to Kismet Capital Group (Kismet) for a
\ntotal cash consideration of US$2.4bn. Kismet is a private investment group with a track record of investing in technology and
\ntelecommunications businesses in Russia. The group recognised a gain on disposal of the subsidiary of US$568m, including a
\nreclassi\ufb01cation of the accumulated foreign currency translation gain of US$202m.
\n
\n
\n
\nThe following sets out the group\u2019s signi\ufb01cant transactions related to business combinations and equity-accounted investments for
\nthe year ended 31 March 2022:
\nAmount invested US$\u2019m
\nCompany
Classi\ufb01cation
\nNet
\ncash
\npaid/
\n(received)
\nNon-cash
\nconsi-
\nderation
\nCash in
\nentity
\nacquired
\nTotal
\nconsi-
\nderation
\nAcquisition of subsidiaries
\na.
Good Bidco B.V. (GoodHabitz)
Subsidiary
252
\u2013
6
258
\nb.
Stack Over\ufb02ow
Subsidiary
1 644
\u2013
98
1 742
\n1 896
\u2013
104
2 000
\nAcquisition of equity-accounted investments
\nc.
Oda
Associate
116
\u2013
\u2013
116
\nd.
API Holdings Private Limited (PharmEasy)
Associate
220
\u2013
\u2013
220
\ne.
Skillsoft Corp.
Associate
500
38
\u2013
538
\nf.
Flink SE (Flink)
Associate
84
\u2013
\u2013
84
\nOther
\n1
\nAssociate
441
\u2013
\u2013
441
\n1 361
38
\u2013
1 399
\nAdditional investment in existing equity-
\naccounted investments
\ng.
Bundl Technologies Private Limited (Swiggy)
Associate
299
\u2013
\u2013
299
\nh.
NTex Transportation Services Private
\nLimited (ElasticRun)
Associate
90
\u2013
\u2013
90
\ni.
Think & Learn Private Limited (BYJU\u2019S)
Associate
153
\u2013
\u2013
153
\nj.
Delivery Hero SE (Delivery Hero)
Associate
298
1 242
\u2013
1 540
\nk.
Eruditus Learning Solutions Limited (Eruditus)
Associate
127
\u2013
\u2013
127
\nl.
Meesho Inc. (Meesho)
Associate
134
\u2013
\u2013
134
\nOther
\n1
\nAssociate/
\nJoint Venture
222
\u2013
\u2013
222
\n1 323
1 242
\u2013
2 565
\nOther investments
\nm.
UrbanClap Technologies India Private Limited
\n(Urban Company)
FVOCI
84
\u2013
\u2013
84
\nj.
Delivery Hero
\n2
\nFVPL
936
\u2013
\u2013
936
\nn.
JD.com
FVOCI
\u2013
3 855
\u2013
3 855
\no.
GoStudent
FVOCI
226
\u2013
\u2013
226
\nOther
\n1
\n231
\u2013
\u2013
231
\n1 477
3 855
\u2013
5 332
\nPartial disposal of equity-accounted
\ninvestments
\np.
Tencent Holdings Limited (Tencent)
Associate
(14 609)
\u2013
\u2013
(14 609)
\n(14 609)
\u2013
\u2013
(14 609)
\n1 \u2018Other\u2019 includes various acquisitions of subsidiaries, associates and other investments that are not individually material.
\n2 Relates to the Delivery Hero shares bought in August 2021 and September 2021 before Competition Commission approval was obtained. Subsequent to the
\napproval this amount was capitalised to the carrying value of the investment in associate.
\n
\n
\n
\n
\n
\n
\n Financial year ended 31 March 2022
\nAcquisition of subsidiaries
\na.
In June 2021, the group acquired a 62% e\ufb00ective interest (61% fully diluted) for US$258m in GoodHabitz. GoodHabitz provides
\neducational information online, o\ufb00ering commercial, management, and technical training services in the Netherlands. The
\ngroup accounted for this investment as a subsidiary.
\nThe group has a put option arrangement with the non-controlling interest exercisable at speci\ufb01ed future dates. The settlement
\nof the put option arrangement is in cash or shares at the group\u2019s discretion. At acquisition, the group recognised a put option
\nliability amounting to US$144m representing the expected redemption amount payable to non-controlling shareholders upon
\nsettlement of their ownership interest in the entity, included in the \u2019Other non-current liabilities\u2019 line on the statement of
\n\ufb01nancial position.
\nIn addition, the group has a call option arrangement with the non-controlling shareholder that is linked to employment. It is
\nexercisable at speci\ufb01ed future dates upon termination of employment of the non-controlling shareholder due to speci\ufb01ed
\ncircumstances. The group has the right to settle this call option in cash at the fair value of shareholders\u2019 interest. The non-
\ncontrolling shareholder currently has all the economic bene\ufb01ts associated with ownership of the shares. As a result, the
\ngroup\u2019s obligation to settle this interest is included in the put option liability mentioned above.
\nThe main intangible assets recognised in the business combination were customer relationships, trademarks and technology.
\nThe main factor contributing to the goodwill recognised in the acquisition is GoodHabitz\u2019s market presence, product
\ndevelopment capabilities and engineering capabilities.
\nb.
In August 2021, the group acquired a 100% e\ufb00ective and dilutive interest for US$1.7bn in Stack Over\ufb02ow. Stack Over\ufb02ow is a
\nleading knowledge-sharing platform for the global community of developers and technologists. The group accounted for this
\ninvestment as a subsidiary.
\nThe main intangible assets recognised in the business combination were trade names, technology and customer relationships.
\nThe main factor contributing to the goodwill recognised in the acquisition is Stack Over\ufb02ow\u2019s market presence and
\nengineering capabilities to develop future customers.
\nThe purchase price allocations for the above two acquisitions, in the Edtech segment, were not yet \ufb01nalised as at
\n30\u00a0September 2021, therefore preliminary \ufb01gures were disclosed in the condensed consolidated interim \ufb01nancial statements.
\nThe changes between the \ufb01nal and preliminary fair values were not material. The table below summarises the \ufb01nal fair
\nvalues of each major class of identi\ufb01able assets and liabilities recognised for the above two acquisitions on the acquisition
\ndate.
\nSince the acquisition dates of the above business combinations, revenue of US$83m and net losses of US$102m have been
\nincluded in the group\u2019s income statement. The impact on revenue and net losses from the above transactions, had the
\nacquisitions taken place on 1 April 2021, were US$115m and US$108m respectively.
\nAcquisition date fair values of each major class of identi\ufb01able assets and liabilities recognised
\nGoodHabitz
\nJune 2021
\nUS$\u2019m
\nStack
\nOver\ufb02ow
\nAugust 2021
\nUS$\u2019m
\nTotal consideration
258
1 742
\n25
283
\nIntangible assets
62
247
\nProperty, plant and equipment
1
2
\nCash and deposits
6
98
\nOther receivables
8
36
\nOther liabilities
(22)
(35)
\nDeferred tax liabilities
(14)
(65)
\nNon-controlling interest
\n1
\n(16)
\u2013
\nGoodwill
233
1 459
\n1 Non-controlling interest is measured at its proportionate share of the identi\ufb01able net assets of GoodHabitz at the acquisition date.
\n
\n
\n
\n
Acquisition of equity-accounted investments
\nc.
In April 2021, the group acquired a 13% e\ufb00ective (12% fully diluted) interest for US$116m in Oda, Norway\u2019s largest online
\ngrocery business. The group accounted for this investment as an equity-accounted associate on account of its signi\ufb01cant
\nin\ufb02uence on the board of directors.
\nd.
In May 2021, the group acquired a 16% e\ufb00ective interest (15% fully diluted) for US$191m in PharmEasy. PharmEasy owns
\nIndia\u2019s largest integrated digital healthcare platforms. The group accounted for this investment as an equity-accounted
\nassociate on account of its signi\ufb01cant in\ufb02uence on the board of directors.
\nSubsequent to this initial investment the group made an additional investment amounting to US$29m. As we did not
\nparticipate equally in the funding round our e\ufb00ective interest is 14% (12% fully diluted) in PharmEasy. The group continues to
\naccount for its interest in PharmEasy as an investment in an associate on account of its signi\ufb01cant in\ufb02uence on the board of
\ndirectors.
\ne.
In June 2021, the group acquired a 38% e\ufb00ective interest (34% fully diluted) for US$500m in Skillsoft Corp. (Churchill). Churchill
\nis a special-purpose acquisition company that provides cloud-based learning, training and talent management solutions
\nthrough its acquisition of Skillsoft Corp. (NYSE: SKIL) (Skillsoft) and Global Knowledge Training LLC (Global Knowledge).
\nSkillsoft, a global leader in corporate digital learning, commenced trading on the New York Stock Exchange (NYSE) under the
\nticker symbol \u2018SKIL\u2019. This follows the completion of Software Luxembourg Holding S.A.\u2019s merger with Churchill Capital Corp. II
\nand combination with Global Knowledge in June 2021, with the combined company now operating as Skillsoft. The group
\naccounted for this investment as an equity-accounted associate. The cost of the investment in associate includes the fair value
\nof a derivative \ufb01nancial asset amounting to US$38m at date of closing that arose because the purchase price for this
\ninvestment was \ufb01xed in October 2020 on the signing date of this transaction.
\nIn addition to the associate investment in Skillsoft the group received 16 666 667 issued public warrants amounting to US$41m
\nin exchange for corporate support services to be provided to the company. The public warrants give the group the right to
\npurchase Skillsoft common stock at an exercise price of US$11.50 per share or are subject to a compulsory cash redemption
\non speci\ufb01ed future dates and are contingent on the Skillsoft share price. The group accounts for these warrants as \ufb01nancial
\nassets at fair value through pro\ufb01t or loss and recognised deferred income for the support services to be provided over a
\nspeci\ufb01ed period.
\nf.
In July 2021, the group acquired a 12% e\ufb00ective interest (12% fully diluted) for US$84m in Flink. Flink is a German-based
\ninstant grocery-delivery company. The group will account for this investment as an equity-accounted associate on account of
\nits signi\ufb01cant in\ufb02uence on the board of directors. The agreement includes an arrangement with the founder shareholders in
\nwhich their shareholding may be repurchased by Flink upon termination of employment at speci\ufb01ed values. This share-based
\npayment arrangement will be settled in cash. The founder\u2019s legal shareholding at acquisition is therefore accounted for as a
\ncompound \ufb01nancial instrument and not as a shareholder ownership interest. This increased the group\u2019s economic interest for
\nequity accounting of the associate to 20% as a result of this arrangement.
\nAdditional investment in existing equity-accounted investments
\ng.
In April 2021 and February 2022, the group made an additional investment in Swiggy, the operator of a \ufb01rst-party food-
\ndelivery marketplace in India, amounting to US$274m and US$25m respectively. At 31 March 2021, the group held a 41%
\ne\ufb00ective interest. As we did not participate equally in the funding round, our e\ufb00ective interest is 33% (31% fully diluted) in
\nSwiggy. The group continues to account for its interest in Swiggy as an investment in an associate.
\nh.
In April 2021 and February 2022, the group made an additional investment in ElasticRun, a software and technology platform
\nfor providing transportation and logistics services in India, amounting to US$30m and US$60m respectively. At 31\u00a0March 2021,
\nthe group held a 20% e\ufb00ective interest. Following these investments, the group holds a 23% e\ufb00ective interest (22% fully diluted)
\nin ElasticRun. The group continues to account for its interest in ElasticRun as an investment in an associate.
\ni.
In April 2021, the group made an additional investment amounting to US$153m in BYJU\u2019S, India\u2019s largest education company
\nand the creator of India\u2019s largest personalised learning app. At 31 March 2021, the group held an 11% e\ufb00ective interest.
\nFollowing this investment, the group retained its 11% e\ufb00ective interest (10% fully diluted) in BYJU\u2019S. The group continues to
\naccount for its interest in BYJU\u2019S as an investment in an associate on account of its signi\ufb01cant in\ufb02uence on the board of
\ndirectors.
\n
\n
\n
\n
\n
\n
\n
\n
\nj.
In May 2021, the group completed bilateral trades that resulted in an additional investment in Delivery Hero. The group
\nacquired an additional investment in Delivery Hero in March 2021, which increased its shareholding by 8% to approximately
\n24.99%. The additional investment was acquired via the market and bilateral trades. At 31 March 2021, while legal ownership
\nhad transferred for this 8% additional interest, the access to the returns associated with the ownership had not fully transferred
\nfor 4% of this interest. Accordingly, the e\ufb00ective interest in Delivery Hero recognised at 31 March 2021 was 21% with the
\nremaining 4% amounting to US$1.2bn recognised as a contractual right to receive the shares or cash. In May 2021, the
\nbilateral trades for the remaining 4% were completed, resulting in an increase in the e\ufb00ective shareholding of Delivery Hero to
\n24.99% as the access to the returns associated with the ownership for these shares has been transferred. The group paid an
\nadditional US$188m for the increase in share price for this interest between March and May 2021. In addition, the \ufb01nancial
\nasset amounting to US$1.2bn recognised at 31 March 2021 for the right to receive this interest or cash was derecognised
\nagainst the carrying value of the investment.
\nFurther, in August 2021 the group announced its intention to acquire an additional 2.5% stake in Delivery Hero, subject to
\nAustrian Competition regulatory approval, through its subsidiary, MIH Food Holdings B.V. The competition approval was
\ngranted in September and accordingly the group acquired an additional investment in Delivery Hero. The group increased its
\nshareholding in Delivery Hero by 2.5% to 27% from 25%.
\nThe additional investment was acquired initially as a call option to acquire the shares subject to competition approval. The
\ncall option was acquired at the fair value of the shares amounting to US$936m and recognised as a \ufb01nancial instrument
\nmeasured at fair value through pro\ufb01t or loss. In addition, the group applied cash \ufb02ow hedge accounting to the highly
\nprobable forecast acquisition of this additional investment, hedging the exposure to future share price increases in Delivery
\nHero shares between the date the call option was acquired, and the date approval was granted to acquire the additional
\nshares. The additional investment in Delivery Hero was based on the fair value of the call option on the date that the
\napproval was granted (US$817m) and the accumulated losses in the cash \ufb02ow hedge reserve (US$119m). The accumulated
\nlosses within the cash \ufb02ow hedge reserve were included in the cost of the investment, as based on the group\u2019s judgement the
\ninvestment in associate is a non-\ufb01nancial asset. The resulting additional investment in Delivery Hero recognised after the basis
\nadjustment was US$936m.
\nk.
In August 2021, the group made an additional investment amounting to US$127m in Eruditus, an online platform using
\ntechnology and curriculum innovation to o\ufb00er professional education courses in collaboration with top-ranked universities
\nglobally. At 31 March 2021, the group held a 9% e\ufb00ective interest. Following these investments, the group holds a 13%
\ne\ufb00ective interest (11% fully diluted) in Eruditus. The group continues to account for its interest in Eruditus as an investment in an
\nassociate on account of its signi\ufb01cant in\ufb02uence on the board of directors.
\nl.
In September 2021, the group made an additional investment amounting to US$134m in Meesho, a leading social commerce
\nonline marketplace in India that enables independent resellers to build small businesses by connecting them with suppliers
\nto\u00a0curate a catalogue of goods and services to sell. Meesho also provides logistics and payment tools on its platform. At
\n31\u00a0March 2021, the group held a 12% e\ufb00ective interest. Following these investments, the group holds a 13% e\ufb00ective interest
\n(12% fully diluted) in Meesho. The group continues to account for its interest in Meesho as an investment in an associate on
\naccount of its signi\ufb01cant in\ufb02uence on the board of directors.
\nOther investments
\nm. In April 2021, the group acquired a 4% e\ufb00ective interest (4% fully diluted) for US$84m in Urban Company. Urban Company is
\none of the largest home services platforms in Asia, with representation in India, UAE, Singapore and Australia. The investment
\nis not held for trading, therefore the group accounts for this as an investment at fair value through other comprehensive
\nincome.
\nn.
In December 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457 326 671 Class A
\nordinary shares of JD.com to its shareholders on the basis of 1 Class A ordinary share of JD.com for every 21 shares held.
\nAs\u00a0a result of this distribution the group obtained a 4% e\ufb00ective (131 873 028 Class A ordinary shares) interest in JD.com.
\nJD.com is a platform creator that brings value to partners and customers in sectors such as ecommerce, logistics, internet
\n\ufb01nance, cloud computing and smart technology. The investment is not held for trading, therefore the group accounts for this as
\nan investment at fair value through other comprehensive income.
\nThe group recognised a dividend receivable up until the distribution date of 25 March 2022. The dividend in specie
\ndistribution of the investment in JD.com has reduced the investment in Tencent by US$3.9bn representing the fair value of the
\ninvestment on the distribution date.
\no.
In March 2022, the group acquired an 8% e\ufb00ective (7% fully diluted) interest for US$226m in GoStudent. GoStudent is a
\nprovider of online tutoring services in a 1:1, video-based format to K\u201312 students via a managed marketplace model in
\nAustria. The investment is not held for trading, therefore the group accounts for this as an investment at fair value through
\nother comprehensive income.
\n
\n
\n
\n
Disposal of equity-accounted investments
\np.
In April 2021, the group sold 2% of Tencent total issued share capital. The sale reduced its stake in Tencent from
\napproximately 31% to 29%, yielding US$14.6bn in proceeds and a gain on partial disposal of US$12.3bn. The group
\nreclassi\ufb01ed a gain of US$41m from the foreign currency translation reserve to the consolidated income statement related to
\nthis partial disposal. Proceeds from this disposal are included in short-term investments on the consolidated statement of
\n\ufb01nancial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22380": {
"value": "7. Goodwill
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCost
\nOpening balance
3 727
2 261
\nForeign currency translation e\ufb00ects
\n1
\n369
(167)
\nAcquisitions of subsidiaries and businesses
11
1 692
\nDisposals of subsidiaries and businesses
(11)
(59)
\nTransferred to assets classi\ufb01ed as held for sale
\n2, 3
\n(1 713)
\u2013
\nClosing balance
2 383
3 727
\nAccumulated impairment
\nOpening balance
355
159
\nForeign currency translation e\ufb00ects
(3)
1
\nImpairment
684
246
\nDisposals of subsidiaries and businesses
(1)
(51)
\nTransferred to assets classi\ufb01ed as held for sale
(64)
\u2013
\nClosing balance
971
355
\nCarrying value
1 412
3 372
\n1 The current period includes a net monetary gain of US$95m relating to hyperin\ufb02ation accounting for the group\u2019s subsidiaries in Turkey. Refer to note 2.
\n2 Includes US$15m foreign currency translation gains related primarily to Avito that was classi\ufb01ed as held for sale prior to its disposal in October 2022.
\n3 This relates primarily to Avito that was classi\ufb01ed as held for sale in May 2022 prior to its disposal in October 2022 as well as the OLX Autos disposal group
\nclassi\ufb01ed as held for sale in March 2023. Refer to note 36.
\nThe group recognised impairment losses on goodwill of US$684m (2022: US$246m) in the current year of which US$560m relate
\nto Stack Over\ufb02ow in the Edtech segment and US$116m relate to the OLX Autos business unit. The impairment loss of the OLX
\nAutos business unit is as a result of the group\u2019s decision to exit the business and the assessment of the value that cannot be
\nrealised. The remainder of the goodwill related to this business is transferred to the disposal group classi\ufb01eds as held for sale.
\nThe goodwill was allocated to the disposal group based on the relative fair values of the operations within the business (refer to
\nnote 36). Stack Over\ufb02ow is a recent acquisition; however, the increase in risk-free rates resulted in an increase in the discount rate
\nused in the value in use calculation for this investment. In addition, the business has not performed as expected in the current
\nyear due to challenging macroeconomic conditions. The recoverable amount was therefore below the carrying amount and
\nresulted in the impairment loss. The prior year impairment related to Stack Over\ufb02ow as a result of increased discount rates used
\nin the value in use calculation for this investment.
\nImpairment testing of goodwill
\nThe group has allocated goodwill to various cash-generating units (CGUs). The recoverable amounts of these CGUs have been
\ndetermined based on the higher of the value in use calculations and the fair value less costs of disposal. Fair value less costs of
\ndisposal of these CGUs takes into account the transaction value for the group\u2019s recent acquisitions or upcoming disposals where
\napplicable, or is determined using an option pricing methodology. Value in use is based on discounted cash \ufb02ow calculations.
\nDuring the current and prior \ufb01nancial year, the recoverable amounts for CGUs were determined predominantly using value in use
\ncalculations. The group based its cash \ufb02ow calculations on 10-year budgeted and forecast information approved by senior
\nmanagement and/or the various boards of directors of group companies. Long-term average growth rates for the respective
\ncountries in which the entities operate or, where more appropriate, the growth rate of the CGUs, were used to extrapolate cash
\n\ufb02ows into the future.
\nThe discount rates used re\ufb02ect speci\ufb01c risks relating to the relevant CGUs and the countries in which they operate, while
\nmaximising the use of market observable data. Discount rates take into account country risk premiums and in\ufb02ation di\ufb00erentials
\nas appropriate.
\nManagement used 10-year projected cash \ufb02ow models, terminal growth rates ranging between 2% and 7.5% (2022: 2% and 7%)
\nand post-tax discount rates ranging between 11.5% and 28% (2022: 10% and 25%) in performing the impairment tests. The group
\nuses up to 10-year projected cash \ufb02ow models as many businesses have monetisation timelines longer than \ufb01ve years as further
\nexplained below.
\n
\n
\n
\n
\n
\nGoodwill
\n
\nOther assumptions included in cash \ufb02ow projections vary widely between CGUs due to the group\u2019s diverse range of business
\nmodels, and are closely linked to entity-speci\ufb01c key performance indicators.
\nGoodwill is tested annually as at 31 December or more frequently if there is a change in circumstance that indicates that it might
\nbe impaired. The group assessed its goodwill impairment calculations as well as the appropriateness of the recoverable amounts
\ntaking into account the impact of signi\ufb01cant market changes. The group\u2019s 10-year budgets and forecasts consisted of cash \ufb02ow
\nprojections including macroeconomic factors and trends. These budgets and forecasts were used to calculate discounted cash
\n\ufb02ow valuations to identify whether goodwill allocated to various CGUs was impaired. The value in use amounts used were
\nconsidered appropriate based on these budgets and forecasts.
\nEstimating the future performance of the group\u2019s CGUs is challenging during this current economic environment. As circumstances
\nchange and/or information becomes available, the risk of impairment may increase in future periods.
\nThe group\u2019s impairment testing of goodwill takes into account that, in most instances, longer forecast periods are required for
\nmany ecommerce businesses. These longer forecast periods are required as the group\u2019s ecommerce businesses generally only
\nreach maturity once su\ufb03cient market share has been gained, the businesses have reached the appropriate scale and have
\nbecome pro\ufb01table. The forecast period is assessed annually to ensure it remains appropriate for the relevant businesses. Key
\nassumptions in estimating these future cash \ufb02ows over the forecast period include the CGU\u2019s ability to capture the required market
\nshare and the additional investment required in order for it to reach the appropriate scale. The group uses look-back analysis to
\nassess past performance of its CGUs and uses it to validate past judgements and predict future performance. For certain CGUs
\nrisk adjustments are made to discount rates used when calculating the value in use. Value in use calculations are performed using
\nthe appropriate operational cash \ufb02ows, and accordingly, discount rates take into account country risk premiums and in\ufb02ation
\ndi\ufb00erentials as appropriate.
\nWhere the group has committed to the sale of a CGU or has determined that an impairment loss should be recognised on a
\nCGU based on its value in use, the group also calculates that CGU\u2019s fair value less costs of disposal to ensure that the recognition
\nof an impairment loss is appropriate.
\nPost-tax discount rates have been applied as value in use was determined using post-tax cash \ufb02ows. Impairment testing is
\nperformed using the appropriate currency cash \ufb02ows and accordingly, discount rates take into account country risk premiums and
\nin\ufb02ation di\ufb00erentials as appropriate.
\nThe calculation of value in use is most sensitive to the following assumptions:
\n\u00bb
projected revenue and EBITDA growth rates;
\n\u00bb
growth rates used to extrapolate cash \ufb02ows beyond the budget and forecast period, including the terminal growth rate applied
\nin the \ufb01nal projection year; and
\n\u00bb
discount rates.
\nWhen determining cash \ufb02ows over the forecast periods, EBITDA margin assumptions vary between the group\u2019s diverse range
\nof\u00a0businesses.
\nThe group\u2019s Edtech, and Payments and Fintech segments accounts for 61% and 25% of the overall balance of goodwill
\nrespectively. Accordingly, assumptions made in determining the cash \ufb02ows of the Edtech, and Payments and Fintech CGUs have a
\nsigni\ufb01cant impact on the annual impairment assessment. Key assumptions underlying revenue forecasts for CGUs in the Edtech,
\nand Payments and Fintech segments include the CGU\u2019s anticipated market share, the number of listings expected over the
\nforecast period and the revenue and EBITDA contribution of each such listing. EBITDA margins based on the long-term 10-year
\nbusiness plan range between -18% and 45%, depending on the stage of maturity of the relevant business. Terminal growth rates
\nand discount rates used in performing impairment tests are detailed in the table below.
\nFor those CGUs where no impairment is recognised, if either the pre or post-tax discount rate applied to cash \ufb02ows were to
\nincrease relatively by 5% or the growth rate used to extrapolate cash \ufb02ows were to decrease relatively by 5%, or if both the
\ndiscount rate and the growth rate were to increase and decrease relatively by 5% respectively, there would be no further
\nsigni\ufb01cant impairments that would have to be recognised.
\nFor Stack Over\ufb02ow if either the pre or post-tax discount rate applied to cash \ufb02ows were to increase relatively by 5% there would
\nbe a further impairment of goodwill of US$71m (2022: US$119m). If the growth rate used to extrapolate cash \ufb02ows were to
\ndecrease relatively by 5% there would be a further impairment of US$6m (2022: US$9m). If both the discount rate and the growth
\nrate were to increase and decrease relatively by 5% respectively there would be a further impairment of goodwill of US$76m
\n(2022: US$127m).
\n
\n
\n
\n
The carrying value of goodwill presented per segment as at 31 March 2023 is as follows:
\nCarrying
\nvalue of
\ngoodwill
\nUS$\u2019m
\nBasis of
\ndetermination
\nof recoverable
\namount
\n1
\nPre-tax
\ndiscount
\nrates
\n2
\n%
\nPost-tax
\ndiscount
\nrate applied
\nto cash \ufb02ows
\n2
\n%
\nGrowth rate
\nused to
\nextrapolate
\ncash \ufb02ows
\n2
\n%
\nAverage
\nrevenue
\ngrowth
\nrate
\n2, 3
\n%
\nCGUs by segment
\nClassi\ufb01eds
86
Various
Various
Various
6.9 \u2013 14.6
\nPayments and Fintech
350
14.8 \u2013 35.6
\nPayU India
113
VIU
18.9
16.5
3.5
\nPayU Global Payments
\nOperations (GPO)
162
VIU
20.8
17.0
3.5
\nCredit India
75
VIU
19.5
18.0
3.5
\nFood Delivery
27
VIU
21.1
17.0
4.5
1.1 \u2013 22.9
\nEdtech
858
19.6 \u2013 30.5
\nStack Over\ufb02ow
653
VIU
16.7
14.5
3.0
\nGoodHabitz
205
VIU
14.8
13.0
3.5
\nEtail
47
VIU
16.8
15.5
4.5
11.1 \u2013 17.0
\nOther
44
VIU/FVLCoD
Various
Various
Various
\n1 412
\nThe carrying value of goodwill presented per segment as at 31 March 2022 is as follows:
\nCarrying
\nvalue of
\ngoodwill
\nUS$\u2019m
\nBasis of
\ndetermination
\nof recoverable
\namount
\n1
\nPre-tax
\ndiscount
\nrates
\n2
\n%
\nPost-tax
\ndiscount
\nrate applied
\nto cash \ufb02ows
\n2
\n%
\nGrowth rate
\nused to
\nextrapolate
\ncash \ufb02ows
\n2
\n%
\nAverage
\nrevenue
\ngrowth rate
\n2, 3
\n%
\nCGUs by segment
\nClassi\ufb01eds
1 495
6.7 \u2013 55.0
\nOLX Autos
364
VIU
13.2 \u2013 15.1
11.5 \u2013 23.5
3.5
\nFrontier Car Group Inc. (FCG)
287
\nOLX B.V.
77
\nAvito AB
1 016
VIU
28.4
25.0
4.0
\nOther Classi\ufb01eds
115
VIU/FVLCoD
Various
Various
Various
\nPayments and Fintech
337
10.6 \u2013 38.9
\nPayU India
130
VIU
16.1
14.0
3.5
\nPayU Global Payments
\nOperations (GPO)
119
VIU
16.7
14.0
3.5
\nCredit India
88
VIU
22.4
16.5
3.5
\nFood Delivery
27
VIU
16.9
14.0
4.5
15.3 \u2013 21.5
\nEdtech
1 424
22.9 \u2013 36.9
\nStack Over\ufb02ow
1 213
VIU
15.4
13.5
2.3
\nGoodHabitz
211
VIU
13.8
12.0
3.0
\nEtail
51
VIU
14.6
13.5
4.5
8.2 \u2013 16.4
\nOther
38
VIU/FVLCoD
Various
Various
Various
\n3 372
\n1 The recoverable amount for the subsidiary\u2019s goodwill in these segments is either the value in use (VIU) or the fair value less cost of disposal (FVLCoD). FVLCoD is
\nbased on the most recent transaction value from an acquisition during the current \ufb01nancial year. The fair value for these CGUs are level 3 measurements.
\n2 Goodwill is tested annually as at 31 December or more frequently if changes in circumstances indicate that it might be impaired.
\n3 The revenue growth rate is based on an average rate over the forecasted period.
\nPost-tax discount rates have been applied in calculations as value in use was determined using post-tax cash \ufb02ows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22383": {
"value": "31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCost
\nOpening balance
3 727
2 261
\nForeign currency translation e\ufb00ects
\n1
\n369
(167)
\nAcquisitions of subsidiaries and businesses
11
1 692
\nDisposals of subsidiaries and businesses
(11)
(59)
\nTransferred to assets classi\ufb01ed as held for sale
\n2, 3
\n(1 713)
\u2013
\nClosing balance
2 383
3 727
\nAccumulated impairment
\nOpening balance
355
159
\nForeign currency translation e\ufb00ects
(3)
1
\nImpairment
684
246
\nDisposals of subsidiaries and businesses
(1)
(51)
\nTransferred to assets classi\ufb01ed as held for sale
(64)
\u2013
\nClosing balance
971
355
\nCarrying value
1 412
3 372
\n1 The current period includes a net monetary gain of US$95m relating to hyperin\ufb02ation accounting for the group\u2019s subsidiaries in Turkey. Refer to note 2.
\n2 Includes US$15m foreign currency translation gains related primarily to Avito that was classi\ufb01ed as held for sale prior to its disposal in October 2022.
\n3 This relates primarily to Avito that was classi\ufb01ed as held for sale in May 2022 prior to its disposal in October 2022 as well as the OLX Autos disposal group
\nclassi\ufb01ed as held for sale in March 2023. Refer to note 36.
\nThe group recognised impairment losses on goodwill of US$684m (2022: US$246m) in the current year of which US$560m relate
\nto Stack Over\ufb02ow in the Edtech segment and US$116m relate to the OLX Autos business unit. The impairment loss of the OLX
\nAutos business unit is as a result of the group\u2019s decision to exit the business and the assessment of the value that cannot be
\nrealised. The remainder of the goodwill related to this business is transferred to the disposal group classi\ufb01eds as held for sale.
\nThe goodwill was allocated to the disposal group based on the relative fair values of the operations within the business (refer to
\nnote 36). Stack Over\ufb02ow is a recent acquisition; however, the increase in risk-free rates resulted in an increase in the discount rate
\nused in the value in use calculation for this investment. In addition, the business has not performed as expected in the current
\nyear due to challenging macroeconomic conditions. The recoverable amount was therefore below the carrying amount and
\nresulted in the impairment loss. The prior year impairment related to Stack Over\ufb02ow as a result of increased discount rates used
\nin the value in use calculation for this investment.
\nImpairment testing of goodwill
\nThe group has allocated goodwill to various cash-generating units (CGUs). The recoverable amounts of these CGUs have been
\ndetermined based on the higher of the value in use calculations and the fair value less costs of disposal. Fair value less costs of
\ndisposal of these CGUs takes into account the transaction value for the group\u2019s recent acquisitions or upcoming disposals where
\napplicable, or is determined using an option pricing methodology. Value in use is based on discounted cash \ufb02ow calculations.
\nDuring the current and prior \ufb01nancial year, the recoverable amounts for CGUs were determined predominantly using value in use
\ncalculations. The group based its cash \ufb02ow calculations on 10-year budgeted and forecast information approved by senior
\nmanagement and/or the various boards of directors of group companies. Long-term average growth rates for the respective
\ncountries in which the entities operate or, where more appropriate, the growth rate of the CGUs, were used to extrapolate cash
\n\ufb02ows into the future.
\nThe discount rates used re\ufb02ect speci\ufb01c risks relating to the relevant CGUs and the countries in which they operate, while
\nmaximising the use of market observable data. Discount rates take into account country risk premiums and in\ufb02ation di\ufb00erentials
\nas appropriate.
\nManagement used 10-year projected cash \ufb02ow models, terminal growth rates ranging between 2% and 7.5% (2022: 2% and 7%)
\nand post-tax discount rates ranging between 11.5% and 28% (2022: 10% and 25%) in performing the impairment tests. The group
\nuses up to 10-year projected cash \ufb02ow models as many businesses have monetisation timelines longer than \ufb01ve years as further
\nexplained below.
Other assumptions included in cash \ufb02ow projections vary widely between CGUs due to the group\u2019s diverse range of business
\nmodels, and are closely linked to entity-speci\ufb01c key performance indicators.
\nGoodwill is tested annually as at 31 December or more frequently if there is a change in circumstance that indicates that it might
\nbe impaired. The group assessed its goodwill impairment calculations as well as the appropriateness of the recoverable amounts
\ntaking into account the impact of signi\ufb01cant market changes. The group\u2019s 10-year budgets and forecasts consisted of cash \ufb02ow
\nprojections including macroeconomic factors and trends. These budgets and forecasts were used to calculate discounted cash
\n\ufb02ow valuations to identify whether goodwill allocated to various CGUs was impaired. The value in use amounts used were
\nconsidered appropriate based on these budgets and forecasts.
\nEstimating the future performance of the group\u2019s CGUs is challenging during this current economic environment. As circumstances
\nchange and/or information becomes available, the risk of impairment may increase in future periods.
\nThe group\u2019s impairment testing of goodwill takes into account that, in most instances, longer forecast periods are required for
\nmany ecommerce businesses. These longer forecast periods are required as the group\u2019s ecommerce businesses generally only
\nreach maturity once su\ufb03cient market share has been gained, the businesses have reached the appropriate scale and have
\nbecome pro\ufb01table. The forecast period is assessed annually to ensure it remains appropriate for the relevant businesses. Key
\nassumptions in estimating these future cash \ufb02ows over the forecast period include the CGU\u2019s ability to capture the required market
\nshare and the additional investment required in order for it to reach the appropriate scale. The group uses look-back analysis to
\nassess past performance of its CGUs and uses it to validate past judgements and predict future performance. For certain CGUs
\nrisk adjustments are made to discount rates used when calculating the value in use. Value in use calculations are performed using
\nthe appropriate operational cash \ufb02ows, and accordingly, discount rates take into account country risk premiums and in\ufb02ation
\ndi\ufb00erentials as appropriate.
\nWhere the group has committed to the sale of a CGU or has determined that an impairment loss should be recognised on a
\nCGU based on its value in use, the group also calculates that CGU\u2019s fair value less costs of disposal to ensure that the recognition
\nof an impairment loss is appropriate.
\nPost-tax discount rates have been applied as value in use was determined using post-tax cash \ufb02ows. Impairment testing is
\nperformed using the appropriate currency cash \ufb02ows and accordingly, discount rates take into account country risk premiums and
\nin\ufb02ation di\ufb00erentials as appropriate.
\nThe calculation of value in use is most sensitive to the following assumptions:
\n\u00bb
projected revenue and EBITDA growth rates;
\n\u00bb
growth rates used to extrapolate cash \ufb02ows beyond the budget and forecast period, including the terminal growth rate applied
\nin the \ufb01nal projection year; and
\n\u00bb
discount rates.
\nWhen determining cash \ufb02ows over the forecast periods, EBITDA margin assumptions vary between the group\u2019s diverse range
\nof\u00a0businesses.
\nThe group\u2019s Edtech, and Payments and Fintech segments accounts for 61% and 25% of the overall balance of goodwill
\nrespectively. Accordingly, assumptions made in determining the cash \ufb02ows of the Edtech, and Payments and Fintech CGUs have a
\nsigni\ufb01cant impact on the annual impairment assessment. Key assumptions underlying revenue forecasts for CGUs in the Edtech,
\nand Payments and Fintech segments include the CGU\u2019s anticipated market share, the number of listings expected over the
\nforecast period and the revenue and EBITDA contribution of each such listing. EBITDA margins based on the long-term 10-year
\nbusiness plan range between -18% and 45%, depending on the stage of maturity of the relevant business. Terminal growth rates
\nand discount rates used in performing impairment tests are detailed in the table below.
\nFor those CGUs where no impairment is recognised, if either the pre or post-tax discount rate applied to cash \ufb02ows were to
\nincrease relatively by 5% or the growth rate used to extrapolate cash \ufb02ows were to decrease relatively by 5%, or if both the
\ndiscount rate and the growth rate were to increase and decrease relatively by 5% respectively, there would be no further
\nsigni\ufb01cant impairments that would have to be recognised.
\nFor Stack Over\ufb02ow if either the pre or post-tax discount rate applied to cash \ufb02ows were to increase relatively by 5% there would
\nbe a further impairment of goodwill of US$71m (2022: US$119m). If the growth rate used to extrapolate cash \ufb02ows were to
\ndecrease relatively by 5% there would be a further impairment of US$6m (2022: US$9m). If both the discount rate and the growth
\nrate were to increase and decrease relatively by 5% respectively there would be a further impairment of goodwill of US$76m
\n(2022: US$127m).
The carrying value of goodwill presented per segment as at 31 March 2023 is as follows:
\nCarrying
\nvalue of
\ngoodwill
\nUS$\u2019m
\nBasis of
\ndetermination
\nof recoverable
\namount
\n1
\nPre-tax
\ndiscount
\nrates
\n2
\n%
\nPost-tax
\ndiscount
\nrate applied
\nto cash \ufb02ows
\n2
\n%
\nGrowth rate
\nused to
\nextrapolate
\ncash \ufb02ows
\n2
\n%
\nAverage
\nrevenue
\ngrowth
\nrate
\n2, 3
\n%
\nCGUs by segment
\nClassi\ufb01eds
86
Various
Various
Various
6.9 \u2013 14.6
\nPayments and Fintech
350
14.8 \u2013 35.6
\nPayU India
113
VIU
18.9
16.5
3.5
\nPayU Global Payments
\nOperations (GPO)
162
VIU
20.8
17.0
3.5
\nCredit India
75
VIU
19.5
18.0
3.5
\nFood Delivery
27
VIU
21.1
17.0
4.5
1.1 \u2013 22.9
\nEdtech
858
19.6 \u2013 30.5
\nStack Over\ufb02ow
653
VIU
16.7
14.5
3.0
\nGoodHabitz
205
VIU
14.8
13.0
3.5
\nEtail
47
VIU
16.8
15.5
4.5
11.1 \u2013 17.0
\nOther
44
VIU/FVLCoD
Various
Various
Various
\n1 412
\nThe carrying value of goodwill presented per segment as at 31 March 2022 is as follows:
\nCarrying
\nvalue of
\ngoodwill
\nUS$\u2019m
\nBasis of
\ndetermination
\nof recoverable
\namount
\n1
\nPre-tax
\ndiscount
\nrates
\n2
\n%
\nPost-tax
\ndiscount
\nrate applied
\nto cash \ufb02ows
\n2
\n%
\nGrowth rate
\nused to
\nextrapolate
\ncash \ufb02ows
\n2
\n%
\nAverage
\nrevenue
\ngrowth rate
\n2, 3
\n%
\nCGUs by segment
\nClassi\ufb01eds
1 495
6.7 \u2013 55.0
\nOLX Autos
364
VIU
13.2 \u2013 15.1
11.5 \u2013 23.5
3.5
\nFrontier Car Group Inc. (FCG)
287
\nOLX B.V.
77
\nAvito AB
1 016
VIU
28.4
25.0
4.0
\nOther Classi\ufb01eds
115
VIU/FVLCoD
Various
Various
Various
\nPayments and Fintech
337
10.6 \u2013 38.9
\nPayU India
130
VIU
16.1
14.0
3.5
\nPayU Global Payments
\nOperations (GPO)
119
VIU
16.7
14.0
3.5
\nCredit India
88
VIU
22.4
16.5
3.5
\nFood Delivery
27
VIU
16.9
14.0
4.5
15.3 \u2013 21.5
\nEdtech
1 424
22.9 \u2013 36.9
\nStack Over\ufb02ow
1 213
VIU
15.4
13.5
2.3
\nGoodHabitz
211
VIU
13.8
12.0
3.0
\nEtail
51
VIU
14.6
13.5
4.5
8.2 \u2013 16.4
\nOther
38
VIU/FVLCoD
Various
Various
Various
\n3 372
\n1 The recoverable amount for the subsidiary\u2019s goodwill in these segments is either the value in use (VIU) or the fair value less cost of disposal (FVLCoD). FVLCoD is
\nbased on the most recent transaction value from an acquisition during the current \ufb01nancial year. The fair value for these CGUs are level 3 measurements.
\n2 Goodwill is tested annually as at 31 December or more frequently if changes in circumstances indicate that it might be impaired.
\n3 The revenue growth rate is based on an average rate over the forecasted period.
\nPost-tax discount rates have been applied in calculations as value in use was determined using post-tax cash \ufb02ows.
Impairment of equity-accounted investments
\nThe group assesses whether there is an indication that its equity-accounted investments are impaired. For the year ended 31
\nMarch 2023, the group assessment took into consideration the market capitalisation of the listed equity-accounted investments,
\nthe increase in market interest rates and country risk premiums, and overall business performance.
\nImpairment assessments for the group\u2019s listed equity-accounted investments related to Delivery Hero and Skillsoft as a result of a
\ndecline in the market capitalisation and the increase in country risk premiums for these investments. Impairment assessments for
\nthe group\u2019s unlisted equity-accounted investments related primarily to an investment in the Classi\ufb01eds segment as a result of the
\nincrease in market interest rates and the overall business performance.
\nThe recoverable amounts of equity-accounted investments have been determined based on the higher of the value in use
\ncalculations and the fair value less costs of disposal. During the current year and prior \ufb01nancial year, the recoverable amounts
\nwere determined using value in use calculations, except for Skillsoft which was determined using fair value less costs of disposal
\n(market price) as at 31 March 2023. The recoverable amount for Skillsoft was however based on a value in use calculation as at
\n30 September 2022. As at 31 March 2023, Skillsoft was impaired to its market value due to the signi\ufb01cant decline in the share
\nprice over time. Accordingly, the market price is considered the supportable representation of the recoverable amount for the
\ninvestment. The value in use calculation was determined using the discounted cash \ufb02ow method. The market price of Skillsoft is
\nlevel 1 on the fair value hierarchy. The group used 10-year projected cash \ufb02ow models as many businesses have monetisation
\ntimelines of longer than \ufb01ve years.
\nFor Delivery Hero, the value in use calculations were higher than the market price for this investment because market prices
\ninclude current market sentiment, while value in use calculations consider a longer-term horizon. The increase of the market price
\nfollowing the release of the December 2022 and \ufb01rst quarter 2023 \ufb01nancial results, supports the recoverable amount determined
\nby the value in use calculations.
\nThe value in use calculations for the listed equity-accounted investments were determined using the sum-of-the-parts approach.
\nDelivery Hero\u2019s 10-year projected cash \ufb02ow models incorporated market views and publicly available analyst projections.
\nSkillsoft\u2019s 10-year projected cash \ufb02ow models as at September 2022 incorporated forecast cash \ufb02ow information based on the
\ncompany\u2019s latest guidance.
\nFor the unlisted equity-accounted investments, the 10-year projected cash \ufb02ow models incorporated forecast cash \ufb02ow information
\nbased on the latest management guidance provided.
\nThe value in use calculations determined the equity values for the investments which took into consideration the following key
\nassumptions:
\nRevenue and expenses
\nRevenue and expenses in the cash \ufb02ow models were based on past experience, management\u2019s future expectations of business
\nperformance and the latest guidance announced by Delivery Hero and Skillsoft.
Growth rates
\nThe growth rates were consistent with publicly available information relating to long-term average growth rates for the markets in
\nwhich the equity-accounted investments operate. The annual growth rate used for revenue and expenses over the 10-year forecast
\nperiod ranged between 5% to 41% (2022: 2% to 47%) for equity-accounted investments.
\nDiscount rates
\nThe discount rates used re\ufb02ect speci\ufb01c risks relating to the relevant operations and the regions in which they operate, while for
\ncertain operations, risk adjustments are made to discount rates used when calculating the value in use. Discount rates take into
\naccount country risk premiums and in\ufb02ation di\ufb00erentials, as appropriate. Post-tax discount rates used ranged between 11% to 29%
\n(2022: 10% to 20%). Pre-tax discount rates used ranged between 13% to 35% (2022: 11% to 25%) for equity-accounted investments.
\nTerminal growth rates
\nThe terminal growth rates considered the steady growth rates that would appropriately extrapolate cash \ufb02ows beyond the
\nforecast periods once the business segment is assumed to have reached maturity. The terminal growth rates ranged between 2%
\nto 8% (2022: 2% to 5%) for equity-accounted investments. The terminal growth rate was based on the expected growth in
\nperpetuity in the markets where these businesses operate.
\nThe recoverable amounts for the above investments were lower than the respective carrying amounts. Accordingly, for the year
\nended 31 March 2023, an impairment loss of US$1.7bn (2022: US$584m) was recognised for equity-accounted investments of
\nwhich US$997m (recognised in the \ufb01rst half of the \ufb01nancial year) related to Delivery Hero (2022: US$nil), US$301m related to
\nSkillsoft (2022: US$111m) and US$425m related primarily to unlisted equity-accounted investments (2022: US$nil). For the Skillsoft
\nimpairment loss the group recognised US$204m at September 2022 and a further US$97m as at 31 March 2023. The impairment
\nloss for unlisted equity-accounted investments includes US$326m related to an investment in the Classi\ufb01eds segment.
\nAt 31 March 2023, the carrying value for Delivery Hero and Skillsoft was US$3.4bn and US$123m respectively (2022: US$4.9bn
\nand US$383m respectively), while the group share in the market capitalisation of these investments was US$2.7bn and US$123m
\nrespectively (2022: US$3.0bn and US$302m respectively).
\nSensitivity to changes in assumptions
\nAn adverse adjustment to any of the above key assumptions used in the value in use calculations would result in additional
\nimpairment losses being recognised.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22842": {
"value": "8.Signi\ufb01cant subsidiaries
\nThe following information relates to the group\u2019s interest in its signi\ufb01cant subsidiaries as at 31 March:
\nE\ufb00ective percentage
\ninterest
\n1
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nFunctional
\ncurrency
Name of subsidiary
\n2023
\n%
\n2022
\n%
\nUnlisted companies
\nCorporate companies
\nMIH Internet Holdings B.V.
100.00
100.00
\nInvestment
\nholding
The Netherlands
US$
\nProsus Services B.V.
100.00
100.00
Corporate entity
The Netherlands
US$
\nClassi\ufb01eds
\nOLX Global B.V.
99.00
99.00
\nInvestment
\nholding
The Netherlands
US$
\nAvito AB
\n2
\n\u2013
99.00
Classi\ufb01eds
Sweden
SEK
\nBrocante Lab SAS (Selency)
\n3
\n\u2013
54.14
Classi\ufb01eds
France
EUR
\nFrontier Car Group Inc. (FCG)
\n4
\n99.00
99.00
Classi\ufb01eds
\nUnited States
\nof America
US$
\nSilver Indonesia JVCo B.V. (OLX Indonesia)
99.00
99.00
Classi\ufb01eds
The Netherlands
US$
\nFood Delivery
\niFood.com Ag\u00eancia de Restaurantes
\nOnline S.A. (iFood)
\n5
\n96.05
62.54
Food delivery
Brazil
BRL
\nPayments and Fintech
\nPayU Global B.V.
100.00
100.00
\nInvestment
\nholding
The Netherlands
US$
\niyzi \u00d6deme ve Elektronik Para Hizmetleri
\nAnonim \u015eirketi (Iyzico)
91.13
91.13
\nPayments
\nplatform
Turkey
TRY
\nPayU Payments Private Limited
100.00
100.00
\nPayments
\nplatform
India
INR
\nPaySense Private Limited
85.37
82.60
\nCredit
\nplatform
Singapore
SGD
\nRed Dot Payment Private Limited
95.54
74.09
\nPayments
\nplatform
Singapore
SGD
\nWibmo Inc.
100.00
100.00
\nPayments
\nplatform
\nUnited States
\nof America
US$
\nZooz Mobile Limited
100.00
100.00
\nPayments
\nplatform
Israel
US$
\n1 The percentage interest shown is the \ufb01nancial e\ufb00ective interest, after disregarding the interests of the group\u2019s equity-compensation plans treated as treasury
\nshares\u00a0and taking into account retention options. The group\u2019s \ufb01nancial e\ufb00ective interest is, in some instances, impacted by its shareholding in intermediate
\nholding\u00a0companies.
\n2 In October 2022, the group disposed of its interest in Avito AB. Refer to note 5.
\n3 The group lost control of the investment and now accounts for its investment as an associate on account of the group\u2019s signi\ufb01cant in\ufb02uence.
\n4 This investment is included in the OLX Autos business that is classi\ufb01ed as held for sale during the current year. Refer to note 5.
\n5 The group acquired the non-controlling shareholders in the current year. Refer to note 5.
\n
\n
\n
\n
The following information relates to the group\u2019s interest in its signi\ufb01cant subsidiaries as at 31 March:
\nE\ufb00ective percentage
\ninterest
\n1
\nName of subsidiary
\n2023
\n%
\n2022
\n%
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nFunctional
\ncurrency
\nEdtech
\nMIH Edtech Investments B.V.
100.00
100.00
\nInvestment
\nholding
The Netherlands
US$
\nGood Bidco B.V. (GoodHabitz)
62.23
62.30
\nEducational
\nplatform
The Netherlands
EUR
\nStack Over\ufb02ow Limited
100.00
100.00
\nEducational
\nplatform
United Kingdom
GBP
\nEtail
\nMIH B2C Holdings B.V.
100.00
100.00
\nInvestment
\nholding
The Netherlands
US$
\nDante International S.A. (eMAG)
80.08
79.57
\nRetail and
\necommerce
Romania
RON
\nExtreme Digital Zrt
61.81
43.02
\nRetail and
\necommerce
Hungary
HUF
\nOther ecommerce
\nMovile Mobile Commerce Holdings, S.L.
94.11
94.03
\nMobile value-
\nadded services
Brazil
BRL
\nSympla Internet Solu\u00e7\u00f5es S.A.
79.64
77.82
\nMobile value-
\nadded services
Brazil
BRL
\n1 The percentage interest shown is the \ufb01nancial e\ufb00ective interest, after disregarding the interests of the group\u2019s equity-compensation plans treated as treasury
\nshares\u00a0and taking into account retention options. The group\u2019s \ufb01nancial e\ufb00ective interest is, in some instances, impacted by its shareholding in intermediate
\nholding\u00a0companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23116": {
"value": "9. Investments in associates
\nThe following information relates to the group\u2019s \ufb01nancial interest in its signi\ufb01cant associates as at 31 March:
\nE\ufb00ective percentage
\ninterest
\n1
\nName of associated
\ncompany
\n2023
\n%
\n2022
\n%
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nFunctional
\ncurrency
Year-end
\nListed companies
\nDelivery Hero SE
\n2
\n29.83
27.28
Food delivery
Germany
EUR
December
\nTencent Holdings Limited
\n3
\n26.16
28.81
\nInternet-related
\nservices
Cayman Islands
RMB
December
\nRemitly Global Inc.
21.44
22.75
\nDigital money
\ntransfer
\nUnited States
\nof America
US$
December
\nSkillsoft Corp. (Skillsoft)
37.25
37.55
\nEducational
\nplatform
\nUnited States
\nof America
US$
December
\nSimilarWeb Limited
\n4
\n14.93
14.93
Internet metrics
Israel
NIS
December
\nUdemy, Inc.
\n5
\n\u2013
12.27
\nEducational
\nplatform
\nUnited States
\nof America
US$
March
\nUnlisted companies
\nClassi\ufb01eds
\nEMPG Holdings Limited
37.57
39.85
Classi\ufb01eds
\nUnited Arab
\nEmirates
US$
December
\nO\ufb00erUp Incorporated
39.04
39.04
Classi\ufb01eds
\nUnited States
\nof America
US$
December
\nBrocante Lab SAS (Selency)
\n6
\n26.44
\u2013
Classi\ufb01eds
France
EUR
March
\nFood Delivery
\nBundl Technologies Private
\nLimited (Swiggy)
\n2
\n32.83
32.72
Food delivery
India
INR
March
\nFlink SE
\n4
\n9.50
9.76
Food delivery
Germany
EUR
December
\nOda Group Holding AS
\n5
\n\u2013
13.14
Food delivery
Norway
NOK
December
\n1 The percentage interest shown is the \ufb01nancial e\ufb00ective interest, after disregarding the interests of equity-compensation plans treated as treasury shares and taking
\ninto account retention options. The group\u2019s \ufb01nancial e\ufb00ective interest is, in some instances, impacted by its shareholding in intermediate holding companies.
\n2 Refer to note 6 for the group\u2019s additional investment during the current year.
\n3 The group partially disposed of its interest in the current year. Refer to note 6.
\n4 The group accounts for its interest as an investment in an associate on account of its signi\ufb01cant in\ufb02uence on the board of directors.
\n5 In the current year, the group lost signi\ufb01cant in\ufb02uence in the investment due to the loss of its board representation. The investment is accounted for at fair value
\nthrough comprehensive income. Refer to note 28.
\n6 The group lost control of the investment and now accounts for its investment as an associate on account of the group\u2019s signi\ufb01cant in\ufb02uence.
\n
\n
\n\n
The following information relates to the group\u2019s \ufb01nancial interest in its signi\ufb01cant associates as at 31 March:
\nE\ufb00ective percentage
\ninterest
\n1
\nName of associated
\ncompany
\n2023
\n%
\n2022
\n%
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nFunctional
\ncurrency
Year-end
\nUnlisted companies
\ncontinued
\nEdtech
\nRyzac, Inc. (Codecademy)
\n2
\n\u2013
23.76
\nEducational
\ntechnology
\nUnited States
\nof America
US$
December
\nSoloLearn, Inc.
\n3
\n18.44
18.46
\nEducational
\ntechnology
\nUnited States
\nof America
US$
March
\nThink & Learn Private Limited
\n(BYJU\u2019S)
\n4
\n\u2013
9.81
\nEducational
\ntechnology
India
INR
March
\nBrainly, Inc.
42.07
42.13
\nEducational
\ntechnology
\nUnited States
\nof America
US$
December
\nEruditus Learning Solutions
\nPrivate Limited
\n3
\n13.18
13.18
\nEducational
\ntechnology
Singapore
SGD
June
\nOther ecommerce
\nHonor Technology, Inc.
\n(Honor)
\n3
\n13.35
13.71
Home care
\nUnited States
\nof America
US$
December
\nMeesho, Inc.
\n3
\n13.83
13.83
\nOnline
\nmarketplace
\nUnited States
\nof America
US$
March
\nAPI Holdings Private Limited
\n(PharmEasy)
\n3, 5
\n13.43
13.24
Healthcare
India
INR
March
\nN-TEX Transportation Services
\nPrivate Limited (ElasticRun)
22.63
22.63
Logistic services
India
INR
March
\n1 The percentage interest shown is the \ufb01nancial e\ufb00ective interest, after disregarding the interests of equity-compensation plans treated as treasury shares and taking
\ninto account retention options. The group\u2019s \ufb01nancial e\ufb00ective interest is, in some instances, impacted by its shareholding in intermediate holding companies.
\n2 The group disposed of this investment in the current year.
\n3 The group accounts for its interest as an investment in an associate on account of its signi\ufb01cant in\ufb02uence on the board of directors.
\n4 In September 2022, the group lost signi\ufb01cant in\ufb02uence in BYJU\u2019S. Refer to note 6.
\n5 The group acquired an additional interest in this investment during the current year.
\n
\n
\n
\n
\n
\n
\nThe fair values of the group\u2019s investments in its listed associates are detailed below:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nListed investments
\nDelivery Hero SE
2 669
3 035
\nTencent Holdings Limited
122 952
132 311
\nRemitly Global Inc.
633
369
\nSkillsoft Corp.
123
302
\nSimilarWeb Limited
76
145
\nUdemy Inc.
\n1
\n\u2013
213
\n1 In September 2022, the group lost signi\ufb01cant in\ufb02uence in Udemy. Refer to note 6.
\nThe above fair values have been measured using quoted prices in active markets and the disclosed amounts therefore represent
\nlevel 1 fair value measurements.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening balance
44 457
40 556
\nAssociates acquired \u2013 gross consideration
769
4 823
\nnet assets acquired
\n1
\n(823)
1 277
\ngoodwill and other intangibles recognised
1 652
3 661
\ndeferred taxation recognised
(60)
(115)
\nAssociates disposed of
(1)
(10)
\nAssociates transferred to held-for-sale
(5)
(38)
\nLoss of signi\ufb01cant in\ufb02uence
(743)
\u2013
\nShare of current year changes in OCI and net asset value
(1 741)
(2 699)
\nShare of equity-accounted results
5 398
9 379
\nEquity-accounted results due to acquisition accounting
(77)
(72)
\namortisation of other intangible assets
(100)
(99)
\nrealisation of deferred taxation
23
27
\nImpairment
(1 725)
(581)
\nDividends received
\n2
\n(5 089)
(4 426)
\nForeign currency translation e\ufb00ects
(2 122)
(252)
\nPartial disposal of interest in associate
\n3
\n(2 930)
(2 316)
\nDilution (losses)/gains
\n4
\n(261)
93
\nClosing balance
35 930
44 457
\nInvestments in associates
\nListed
33 604
40 463
\nUnlisted
2 326
3 994
\nTotal investments in associates
35 930
44 457
\n1 Current year relates mainly to the allocation of net asset value of Tencent as a result of its share repurchase programme. The prior year relates mainly to the
\nacquisition of additional shares in Delivery Hero.
\n2 In the current year, the dividend received from Tencent amounted to US$565m cash and dividend in specie of US$4.5bn of Meituan shares (2022: US$570m cash
\ndividend and dividend in specie of US$3.9bn in JD.com shares).
\n3 Relates to partial disposal of Tencent. During the current year the group recognised a gain on partial disposal of US$7.6bn (2022: US$12.3bn).
\n4 The total dilution (losses)/gains presented in the consolidated income statement relate to the group\u2019s diluted e\ufb00ective interest in associates and the reclassi\ufb01cation
\nof a portion of the group\u2019s foreign currency translation reserves from the consolidated statement of other comprehensive income to the consolidated income
\nstatement following the shareholding dilutions.
\n
\n
\n\n
The group recognised US$5.3bn (2022: US$9.3bn) from associates as its share of equity-accounted results in the consolidated
\nincome statement. There are no cumulative unrecognised losses relating to associates that have been fully impaired, recognised
\n(2022: US$nil) as at 31 March 2023.
\nThe group recognised total dilution losses of US$252m (2022: gains of US$95m) as part of \u2018Dilution (losses)/gains on equity-
\naccounted investments\u2019 in the consolidated income statement. The net dilution loss includes US$261m (2022: gain of US$92m)
\nwhich relates to the group\u2019s shareholding in Delivery Hero, Swiggy, SimilarWeb and other unlisted investments.
\nThe total dilution (loss)/gain presented in the consolidated income statement also includes a gain of US$9m (2022: US$2m)
\nrelating to the reclassi\ufb01cation of a portion of the group\u2019s foreign currency translation reserves from the consolidated statement of
\nother comprehensive income to the consolidated income statement following shareholding dilutions.
\nThe group\u2019s share of equity-accounted investments\u2019 other comprehensive income and reserves relates mainly to the revaluation of
\nthe associates\u2019 investments at fair value through other comprehensive income.
\nDirect equity movements relate to the group\u2019s share of equity-accounted investments\u2019 transfer of gains on disposal and deemed
\ndisposal of \ufb01nancial instruments to retained earnings.
\nAdjustments are made for signi\ufb01cant transactions and events that take place where lag periods are applied. These adjustments
\nusually include impairments and fair value adjustments related to the underlying \ufb01nancial instruments of associates measured at
\nfair value through pro\ufb01t or loss or at fair value through other comprehensive income.
\nAs at 31 March 2023, the group does not recognise deferred tax on its investments in associates as distributions from associates
\ndo not have tax consequences.
\nImpairment of equity-accounted investments
\nThe group assesses whether there is an indication that its equity-accounted investments are impaired. For the year ended 31
\nMarch 2023, the group assessment took into consideration the market capitalisation of the listed equity-accounted investments,
\nthe increase in market interest rates and country risk premiums, and overall business performance.
\nImpairment assessments for the group\u2019s listed equity-accounted investments related to Delivery Hero and Skillsoft as a result of a
\ndecline in the market capitalisation and the increase in country risk premiums for these investments. Impairment assessments for
\nthe group\u2019s unlisted equity-accounted investments related primarily to an investment in the Classi\ufb01eds segment as a result of the
\nincrease in market interest rates and the overall business performance.
\nThe recoverable amounts of equity-accounted investments have been determined based on the higher of the value in use
\ncalculations and the fair value less costs of disposal. During the current year and prior \ufb01nancial year, the recoverable amounts
\nwere determined using value in use calculations, except for Skillsoft which was determined using fair value less costs of disposal
\n(market price) as at 31 March 2023. The recoverable amount for Skillsoft was however based on a value in use calculation as at
\n30 September 2022. As at 31 March 2023, Skillsoft was impaired to its market value due to the signi\ufb01cant decline in the share
\nprice over time. Accordingly, the market price is considered the supportable representation of the recoverable amount for the
\ninvestment. The value in use calculation was determined using the discounted cash \ufb02ow method. The market price of Skillsoft is
\nlevel 1 on the fair value hierarchy. The group used 10-year projected cash \ufb02ow models as many businesses have monetisation
\ntimelines of longer than \ufb01ve years.
\nFor Delivery Hero, the value in use calculations were higher than the market price for this investment because market prices
\ninclude current market sentiment, while value in use calculations consider a longer-term horizon. The increase of the market price
\nfollowing the release of the December 2022 and \ufb01rst quarter 2023 \ufb01nancial results, supports the recoverable amount determined
\nby the value in use calculations.
\nThe value in use calculations for the listed equity-accounted investments were determined using the sum-of-the-parts approach.
\nDelivery Hero\u2019s 10-year projected cash \ufb02ow models incorporated market views and publicly available analyst projections.
\nSkillsoft\u2019s 10-year projected cash \ufb02ow models as at September 2022 incorporated forecast cash \ufb02ow information based on the
\ncompany\u2019s latest guidance.
\nFor the unlisted equity-accounted investments, the 10-year projected cash \ufb02ow models incorporated forecast cash \ufb02ow information
\nbased on the latest management guidance provided.
\nThe value in use calculations determined the equity values for the investments which took into consideration the following key
\nassumptions:
\nRevenue and expenses
\nRevenue and expenses in the cash \ufb02ow models were based on past experience, management\u2019s future expectations of business
\nperformance and the latest guidance announced by Delivery Hero and Skillsoft.
\n
\n
\n
\n
\n
\n
\n
\nGrowth rates
\nThe growth rates were consistent with publicly available information relating to long-term average growth rates for the markets in
\nwhich the equity-accounted investments operate. The annual growth rate used for revenue and expenses over the 10-year forecast
\nperiod ranged between 5% to 41% (2022: 2% to 47%) for equity-accounted investments.
\nDiscount rates
\nThe discount rates used re\ufb02ect speci\ufb01c risks relating to the relevant operations and the regions in which they operate, while for
\ncertain operations, risk adjustments are made to discount rates used when calculating the value in use. Discount rates take into
\naccount country risk premiums and in\ufb02ation di\ufb00erentials, as appropriate. Post-tax discount rates used ranged between 11% to 29%
\n(2022: 10% to 20%). Pre-tax discount rates used ranged between 13% to 35% (2022: 11% to 25%) for equity-accounted investments.
\nTerminal growth rates
\nThe terminal growth rates considered the steady growth rates that would appropriately extrapolate cash \ufb02ows beyond the
\nforecast periods once the business segment is assumed to have reached maturity. The terminal growth rates ranged between 2%
\nto 8% (2022: 2% to 5%) for equity-accounted investments. The terminal growth rate was based on the expected growth in
\nperpetuity in the markets where these businesses operate.
\nThe recoverable amounts for the above investments were lower than the respective carrying amounts. Accordingly, for the year
\nended 31 March 2023, an impairment loss of US$1.7bn (2022: US$584m) was recognised for equity-accounted investments of
\nwhich US$997m (recognised in the \ufb01rst half of the \ufb01nancial year) related to Delivery Hero (2022: US$nil), US$301m related to
\nSkillsoft (2022: US$111m) and US$425m related primarily to unlisted equity-accounted investments (2022: US$nil). For the Skillsoft
\nimpairment loss the group recognised US$204m at September 2022 and a further US$97m as at 31 March 2023. The impairment
\nloss for unlisted equity-accounted investments includes US$326m related to an investment in the Classi\ufb01eds segment.
\nAt 31 March 2023, the carrying value for Delivery Hero and Skillsoft was US$3.4bn and US$123m respectively (2022: US$4.9bn
\nand US$383m respectively), while the group share in the market capitalisation of these investments was US$2.7bn and US$123m
\nrespectively (2022: US$3.0bn and US$302m respectively).
\nSensitivity to changes in assumptions
\nAn adverse adjustment to any of the above key assumptions used in the value in use calculations would result in additional
\nimpairment losses being recognised.
\nMaterial associates\u2019 summarised \ufb01nancial information
\n31 March
\n1
\nTencent Holdings Limited
\n31 March
\n1
\nDelivery Hero SE
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nDividends received
5 089
4 426
\u2013
\u2013
\nRevenue
80 636
87 530
8 933
6 741
\nNet pro\ufb01t/(loss) from operations
25 600
34 179
(3 451)
810
\nOther comprehensive (loss)/income
(7 936)
(18 022)
490
(26)
\nTotal comprehensive income/(loss)
17 664
16 157
(2 961)
784
\nNon-current assets
152 416
168 122
9 466
10 403
\nCurrent assets
77 444
76 469
3 826
3 978
\nTotal assets
229 860
244 591
13 292
14 381
\nNon-current liabilities
52 188
51 726
8 595
7 469
\nCurrent liabilities
58 529
60 880
2 604
1 942
\nTotal liabilities
110 717
112 606
11 199
9 411
\nClosing net assets
119 143
131 985
2 093
4 970
\nNon-controlling interests
(8 949)
(11 103)
(59)
(17)
\n110 194
120 882
2 034
4 953
\nGroup\u2019s e\ufb00ective interest in associate at year-end
28 829
34 826
642
1 351
\nGoodwill and other
\n2
\n998
11
3 803
3 595
\nImpairment
\u2013
\u2013
(997)
\u2013
\nCarrying value of investment
29 827
34 837
3 448
4 946
\n1 Re\ufb02ects the summarised \ufb01nancial information of the above associates as at 31 December, adjusted for signi\ufb01cant transactions and events that took place during
\nthe\u00a0lag period applied for accounting purposes.
\n2 Included in goodwill and other for Delivery Hero is the fair value adjustment related to intangible assets arising as a result of the incremental acquisition acquired
\namounting to US$144m (2022: US$40m).
\n
\n
\n
\n
Other associates\u2019 summarised \ufb01nancial information
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nNet loss from operations
(791)
(630)
\nOther comprehensive income
58
59
\nTotal comprehensive loss
(733)
(571)
\nCarrying value of investments
2 655
4 674
\nTotal carrying value of investments in associates
35 930
44 457
\nThe group had no capital commitments or contingent liabilities at 31 March 2023 and 2022 in respect of its investments
\nin\u00a0associates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23847": {
"value": "10. Investments in joint ventures
\nThe following information relates to the group\u2019s \ufb01nancial interest in its signi\ufb01cant joint ventures at 31 March:
\nE\ufb00ective percentage
\ninterest
\n1
\nName of joint venture
\n2023
\n%
\n2022
\n%
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nFunctional
\ncurrency
Year-end
\nUnlisted companies
\nEl Cocinero a Cuerda S.L.
\n(SinDelantal Mexico)
\n2
\n\u2013
30.72
Food delivery
Spain
EUR
December
\nInversiones CMR S.A.S.
\n(Domicilios.com)
\n3
\n48.99
31.97
Food delivery
Colombia
COP
December
\nSilver Brazil JVCo B.V.
\n(OLX\u00a0Brasil)
49.50
49.50
Classi\ufb01eds
The Netherlands
US$
December
\n1 The percentage interest shown is the \ufb01nancial e\ufb00ective interest, after disregarding the interests of equity-compensation plans treated as treasury shares and taking
\ninto account retention options. The group\u2019s \ufb01nancial e\ufb00ective interest is, in some instances, impacted by its shareholding in intermediate holding companies.
\n2 The group disposed of this investment during the current year.
\n3 During the current year a mutual decision was made to close down this business. The company is in the process of liquidation.
\nAdjustments are made for signi\ufb01cant transactions and events that take place where lag periods are applied.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening balance
144
158
\nJoint ventures acquired \u2013 gross consideration
104
5
\nNet assets acquired
104
5
\nShare of equity-accounted results
(147)
(50)
\nImpairment
(17)
\u2013
\nForeign currency translation e\ufb00ects
(15)
31
\nClosing balance
69
144
\nThe group recognised losses of US$147m (2022: US$50m) from joint ventures as its share of equity-accounted results in the
\nconsolidated income statement. There are no cumulative unrecognised losses relating to joint ventures that have been fully
\nimpaired, recognised (2022: US$nil) as at 31 March 2023.
\nImpairment losses of US$17m (2022: US$nil) were recognised for the group\u2019s investments in joint ventures.
\nNone of the group\u2019s interests in joint ventures are considered to be individually material.
\nAs at 31 March 2023, the group does not recognise deferred tax on its investments in joint ventures as distributions from joint
\nventures do not have tax consequences.
\nThe group had no capital commitments or contingent liabilities in respect of its investments in joint ventures at 31\u00a0March\u00a02023
\nand\u00a02022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24089": {
"value": "13.
Revenue
31 March Reportable segment(s)
\nwhere revenue is included
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nFrom continuing operations
\nOnline sale of goods revenue
Etail and Classi\ufb01eds
2 695
2 826
\nClassi\ufb01eds listings revenue
Classi\ufb01eds
436
426
\nPayment transaction commissions and fees
\n1
\nVarious
987
703
\nMobile and other content revenue
Other ecommerce
51
71
\nFood-delivery revenue
Food Delivery
1 366
986
\nAdvertising revenue
Classi\ufb01eds
32
35
\nEducational technology revenue
Edtech
134
83
\nOther revenue
Various
64
90
\n5 765
5 220
\n1 This revenue is generated primarily from the Payments and Fintech segment and includes interest income revenue relating to the group\u2019s credit business across
\nvarious segments.
\nRevenue in the table above relates to revenue from contracts with customers, except for interest income revenue of US$91m
\n(2022: US$14m) relating to the group\u2019s credit business in various segments.
\nRevenue is presented on an economic-interest basis (ie including a proportionate consolidation of the revenue of associates and
\njoint ventures) in the group\u2019s segmental review and is accordingly not directly comparable to the above consolidated revenue
\n\ufb01gures. Refer to note 21 for disaggregation of revenue by geographical area.
\nThe group has recognised the following assets and liabilities in the consolidated statement of \ufb01nancial position that relate to
\nrevenue from contracts with customers:
\nAccrued income (refer to note 35)
\nAccrued income balance net of impairment allowances as at 31 March 2023 was US$65m (2022: US$46m). Refer to note 40 for
\nthe group\u2019s credit risk management policy. Impairment allowances recorded on accrued income balances were not material.
\nDeferred income (refer to notes 31 and 39)
\nThe total deferred income balance as at 31 March 2023 was US$118m (2022: US$159m) which consists of a current liability
\nportion of US$109m (2022: US$143m) and a non-current liability portion of US$9m (2022: US$16m). Revenue recognised in the
\ncurrent year that was included in the deferred income balance at the beginning of the year (as at 1 April 2022) was US$115m
\n(2022: US$62m).
\nUnsatis\ufb01ed long-term contracts
\nThere were no signi\ufb01cant changes in accrued income or deferred revenue balances during any of the periods presented.
\nThe group has no unsatis\ufb01ed long-term contracts as at 31 March 2023 (2022: US$nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24090": {
"value": "13.
Revenue
31 March Reportable segment(s)
\nwhere revenue is included
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nFrom continuing operations
\nOnline sale of goods revenue
Etail and Classi\ufb01eds
2 695
2 826
\nClassi\ufb01eds listings revenue
Classi\ufb01eds
436
426
\nPayment transaction commissions and fees
\n1
\nVarious
987
703
\nMobile and other content revenue
Other ecommerce
51
71
\nFood-delivery revenue
Food Delivery
1 366
986
\nAdvertising revenue
Classi\ufb01eds
32
35
\nEducational technology revenue
Edtech
134
83
\nOther revenue
Various
64
90
\n5 765
5 220
\n1 This revenue is generated primarily from the Payments and Fintech segment and includes interest income revenue relating to the group\u2019s credit business across
\nvarious segments.
\nRevenue in the table above relates to revenue from contracts with customers, except for interest income revenue of US$91m
\n(2022: US$14m) relating to the group\u2019s credit business in various segments.
\nRevenue is presented on an economic-interest basis (ie including a proportionate consolidation of the revenue of associates and
\njoint ventures) in the group\u2019s segmental review and is accordingly not directly comparable to the above consolidated revenue
\n\ufb01gures. Refer to note 21 for disaggregation of revenue by geographical area.
\nThe group has recognised the following assets and liabilities in the consolidated statement of \ufb01nancial position that relate to
\nrevenue from contracts with customers:
\nAccrued income (refer to note 35)
\nAccrued income balance net of impairment allowances as at 31 March 2023 was US$65m (2022: US$46m). Refer to note 40 for
\nthe group\u2019s credit risk management policy. Impairment allowances recorded on accrued income balances were not material.
\nDeferred income (refer to notes 31 and 39)
\nThe total deferred income balance as at 31 March 2023 was US$118m (2022: US$159m) which consists of a current liability
\nportion of US$109m (2022: US$143m) and a non-current liability portion of US$9m (2022: US$16m). Revenue recognised in the
\ncurrent year that was included in the deferred income balance at the beginning of the year (as at 1 April 2022) was US$115m
\n(2022: US$62m).
\nUnsatis\ufb01ed long-term contracts
\nThere were no signi\ufb01cant changes in accrued income or deferred revenue balances during any of the periods presented.
\nThe group has no unsatis\ufb01ed long-term contracts as at 31 March 2023 (2022: US$nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24093": {
"value": "Accounting policy
\nRevenue disclosed in the consolidated income statement includes revenue from contracts with customers and other
\nrevenue not in the scope of IFRS 15.
\nRevenue from contracts with customers
\nRevenue from contracts with customers is derived from the sale of goods and rendering of services. Revenue is
\nmeasured based on the transaction price speci\ufb01ed in the contract with the customer. The group recognises revenue
\nwhen (or as) it transfers control of goods and/or services to its customers, which is when speci\ufb01c criteria have been met
\nfor each of the group\u2019s activities as described below. Revenue is recognised at the amount the group expects to be
\nentitled to in exchange for the goods and/or services transferred to customers.
\nRevenue is shown net of value added tax (VAT), returns, rebates and discounts. For contracts that permit returns, rebates
\nor discounts, revenue is recognised only to the extent that it is highly probable that a signi\ufb01cant reversal of revenue will
\nnot occur as a result of such items. The amount of revenue recognised is adjusted for expected returns, rebates or
\ndiscounts which are estimated based on the group\u2019s historical experience and taking into consideration the type of
\ncustomer, the type of transaction and the speci\ufb01c terms of each arrangement. The right to return goods is measured at
\nthe former carrying amount of the inventory less expected costs to recover goods where applicable.
\nWhere contracts include multiple goods and/or services, the transaction price is allocated to each distinct goods or
\nservice (or performance obligation) based on respective stand-alone selling prices. Where stand-alone selling prices
\nare not directly observable, they are estimated.
\nThe group identi\ufb01es all parties that are integral to it generating revenue on its online platforms as its customers and,
\naccordingly, incentives (including cash discounts and discount vouchers/coupons) provided to any party transacting on
\nthe platform are treated as a reduction of revenue.
\nThe group considers, for each contract with a customer, whether it is a principal or an agent. The group regards itself as
\nthe principal in a transaction where it controls a promised goods or service before the goods or service is transferred to
\na customer. Where the group is the principal in a transaction, it recognises revenue in the gross amount of consideration
\nto which it expects to be entitled. Where the group is in capacity of an agent, it recognises revenue on a net basis.
\nRevenue earned, but for which the group\u2019s right to the consideration is not yet unconditional, is presented as accrued
\nincome as part of other receivables in the statement of \ufb01nancial position. Payments received in advance from contracts
\nwith customers represent an obligation to transfer future goods and/or services and are presented as part of accrued
\nexpenses and other liabilities in the statement of \ufb01nancial position.
\nThe group is not party to contracts where the period between the transfer of goods and/or services and payment
\nexceeds one year. Consequently, the group does not adjust its transaction prices for \ufb01nancing components.
\nRevenue recognition for the group\u2019s major revenue streams is outlined below in the following paragraphs:
\nEcommerce revenue
\nRevenue represents amounts received or receivable from customers relating to online goods sold on the group\u2019s etail
\nand other internet platforms and from services rendered. Services rendered include advertising, classi\ufb01eds listing
\nrevenue, payment transaction commissions and fees, food-delivery revenue, educational technology revenue, mobile and
\nother content revenue.
\nSale of goods
\nRevenue from goods sold is recognised when the goods are delivered and accepted by the customer.
\nClassi\ufb01eds listings
\nThe group recognises classi\ufb01eds listings and related feature fees over the feature period or on listing of an item for sale
\ndepending on the nature of the feature purchased. Success fees and other relevant commissions are recognised when
\na\u00a0transaction is completed on the group\u2019s websites.
\nPayments and \ufb01ntech, food-delivery and mobile content
\nPayments and \ufb01ntech, food-delivery and mobile content revenues are recognised once a transaction is completed and is
\nbased on the applicable fee for each transaction performed.
\nEducational technology revenue
\nEducational technology revenues are recognised over the period in which the online educational content is provided for
\nor when the online educational content is provided depending on the nature of the educational content purchased.
Advertising revenues
\nThe group mainly derives advertising revenues from advertisements shown online on its websites and instant-messaging
\nwindows. Online advertising revenues are recognised over the period in which the advertisements are displayed using a
\ntime-based measure.
\nInterest income revenue
\nInterest income revenue is \ufb01nance income generated from the group\u2019s credit business across various segments, including
\nthe Payments and Fintech segment. The credit business provides \ufb01nancing for goods sold and credit o\ufb00erings provided.
\nInterest income revenue is recognised using the e\ufb00ective interest rate method, taking into account the expected timing
\nand amount of cash \ufb02ows. The e\ufb00ective interest rate method is a method of calculating the amortised cost of the
\ufb01nancial asset receivable, recognised when the funding is provided to customers. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24104": {
"value": "Revenue is shown net of value added tax (VAT), returns, rebates and discounts. For contracts that permit returns, rebates or discounts, revenue is recognised only to the extent that it is highly probable that a signi\ufb01cant reversal of revenue will
\nnot occur as a result of such items. The amount of revenue recognised is adjusted for expected returns, rebates or
\ndiscounts which are estimated based on the group\u2019s historical experience and taking into consideration the type of
\ncustomer, the type of transaction and the speci\ufb01c terms of each arrangement. The right to return goods is measured at
\nthe former carrying amount of the inventory less expected costs to recover goods where applicable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24135": {
"value": "Sale of goods Revenue from goods sold is recognised when the goods are delivered and accepted by the customer.
\nClassi\ufb01eds listings
\nThe group recognises classi\ufb01eds listings and related feature fees over the feature period or on listing of an item for sale
\ndepending on the nature of the feature purchased. Success fees and other relevant commissions are recognised when
\na\u00a0transaction is completed on the group\u2019s websites.
\nPayments and \ufb01ntech, food-delivery and mobile content
\nPayments and \ufb01ntech, food-delivery and mobile content revenues are recognised once a transaction is completed and is
\nbased on the applicable fee for each transaction performed.
\nEducational technology revenue
\nEducational technology revenues are recognised over the period in which the online educational content is provided for
\nor when the online educational content is provided depending on the nature of the educational content purchased.
\n
\n
\n
\n
\nAdvertising revenues
\nThe group mainly derives advertising revenues from advertisements shown online on its websites and instant-messaging
\nwindows. Online advertising revenues are recognised over the period in which the advertisements are displayed using a
\ntime-based measure.
\nInterest income revenue
\nInterest income revenue is \ufb01nance income generated from the group\u2019s credit business across various segments, including
\nthe Payments and Fintech segment. The credit business provides \ufb01nancing for goods sold and credit o\ufb00erings provided.
\nInterest income revenue is recognised using the e\ufb00ective interest rate method, taking into account the expected timing
\nand amount of cash \ufb02ows. The e\ufb00ective interest rate method is a method of calculating the amortised cost of the
\n\ufb01nancial asset receivable, recognised when the funding is provided to customers. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24204": {
"value": "31 March Reportable segment(s)
\nwhere revenue is included
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nFrom continuing operations
\nOnline sale of goods revenue
Etail and Classi\ufb01eds
2 695
2 826
\nClassi\ufb01eds listings revenue
Classi\ufb01eds
436
426
\nPayment transaction commissions and fees
\n1
\nVarious
987
703
\nMobile and other content revenue
Other ecommerce
51
71
\nFood-delivery revenue
Food Delivery
1 366
986
\nAdvertising revenue
Classi\ufb01eds
32
35
\nEducational technology revenue
Edtech
134
83
\nOther revenue
Various
64
90
\n5 765
5 220",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24266": {
"value": "Deferred income (refer to notes 31 and 39) The total deferred income balance as at 31 March 2023 was US$118m (2022: US$159m) which consists of a current liability
\nportion of US$109m (2022: US$143m) and a non-current liability portion of US$9m (2022: US$16m). Revenue recognised in the
\ncurrent year that was included in the deferred income balance at the beginning of the year (as at 1 April 2022) was US$115m
\n(2022: US$62m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24304": {
"value": "14.
Expenses by nature
31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOperating loss includes the following items:
\nPlatform cost of sales, website hosting and warehousing costs
2 511
2 526
\nPayment facilitation transaction costs
693
588
\nDelivery services costs
738
611
\nDepreciation
\n1
\n102
88
\nAmortisation
\n2
\n88
80
\nShort-term lease payments
4
2
\nAuditor\u2019s remuneration \u2013 PwC in the Netherlands
\n3
\nAudit fees of the \ufb01nancial statements
4
4
\nOther audit services
1
1
\nAuditor\u2019s remuneration \u2013 PwC network outside the Netherlands
\nAudit fees of the \ufb01nancial statements
6
5
\nAudit fees \u2013 other audit services
1
1
\nTotal audit fees
12
11
\nSta\ufb00 costs
\n4
\nThe total cost of employment of all employees, including executive directors, was as follows:
\nSalaries, wages and bonuses
1 125
907
\nSocial security taxes
129
107
\nRetirement bene\ufb01t costs
36
17
\nMedical aid fund contributions
8
4
\nCash-settled share-based compensation expenses
(183)
132
\nEquity-settled share-based compensation expenses
118
110
\n1 233
1 277
\nTraining costs
9
10
\nRetention option expense
20
30
\nTotal sta\ufb00 costs
1 262
1 317
\nAdvertising expenses
267
318
\nGeneral administration cost
491
416
\nNet impairment on \ufb01nancial assets measured at amortised cost
37
12
\nOther costs of providing services and sale of goods, purchases and expenses
151
32
\nTotal
6 356
6 001
\n1 Includes depreciation charge of US$1m in cost of providing services and sale of goods (2022: US$1m).
\n2 Recognised in selling, general and administration expense.
\n3 The fees listed relate to the procedures applied to the company and its consolidated group entities by accounting \ufb01rms and external auditors as referred to in
\nSection 1, subsection 1 of the Audit Firms Supervision Act (
Wet Toezicht Accountantsorganisaties
) as well as by Dutch and foreign-based accounting \ufb01rms, including
\ntheir tax services and advisory groups. The fees relate to the audit of the \ufb01nancial statements for the respective \ufb01nancial year.
\n4 Sta\ufb00 costs in the current year include redundancy costs paid as a result of the restructuring of the group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24309": {
"value": "Accounting policies Retirement bene\ufb01ts
\nThe group provides retirement bene\ufb01ts to its eligible employees, primarily by means of monthly contributions to a
\nnumber of de\ufb01ned contribution pension and provident funds. The assets of these funds are generally held in separate
\ntrustee-administered funds. The group\u2019s contributions to retirement funds are recognised as an expense in the period
\nin\u00a0which employees render the related service.
\nMedical aid bene\ufb01ts
\nThe group\u2019s contributions to medical aid bene\ufb01t funds for employees are recognised as an expense in the period
\nin\u00a0which the employees render services to the group.
\nPost-employment bene\ufb01ts
\nSome group companies provide post-employment bene\ufb01ts to their retirees. The entitlement to post-employment
\nhealthcare bene\ufb01ts is subject to the employee remaining in service up to retirement age and completing a minimum
\nservice period. The expected costs of these bene\ufb01ts are accrued over the minimum service period. Independent
\nactuaries carry out annual valuations of these obligations. All remeasurements resulting from experience adjustments
\nand changes in actuarial assumptions are recognised immediately in other comprehensive income. These obligations
\nare unfunded.
\nTermination bene\ufb01ts
\nThe group recognises termination bene\ufb01ts when it is demonstrably committed to either terminate the employment of
\nemployees before the normal retirement date, or provide termination bene\ufb01ts as a result of an o\ufb00er made to encourage
\nvoluntary redundancy.
\nWhere termination bene\ufb01ts fall due more than 12 months after the reporting period, they are discounted. In the case
\nof\u00a0an o\ufb00er made to encourage voluntary redundancy, the measurement of termination bene\ufb01ts is based on the number
\nof employees expected to accept the o\ufb00er. Termination bene\ufb01ts are immediately recognised as an expense in the
\nconsolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24327": {
"value": "Termination bene\ufb01ts The group recognises termination bene\ufb01ts when it is demonstrably committed to either terminate the employment of
\nemployees before the normal retirement date, or provide termination bene\ufb01ts as a result of an o\ufb00er made to encourage
\nvoluntary redundancy.
\nWhere termination bene\ufb01ts fall due more than 12 months after the reporting period, they are discounted. In the case
\nof\u00a0an o\ufb00er made to encourage voluntary redundancy, the measurement of termination bene\ufb01ts is based on the number
\nof employees expected to accept the o\ufb00er. Termination bene\ufb01ts are immediately recognised as an expense in the
consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24474": {
"value": "3 The fees listed relate to the procedures applied to the company and its consolidated group entities by accounting \ufb01rms and external auditors as referred to in Section 1, subsection 1 of the Audit Firms Supervision Act (
Wet Toezicht Accountantsorganisaties
) as well as by Dutch and foreign-based accounting \ufb01rms, including
\ntheir tax services and advisory groups. The fees relate to the audit of the \ufb01nancial statements for the respective \ufb01nancial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24504": {
"value": "15. Other (losses)/gains \u2013 net
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nLoss on sale of assets
(4)
\u2013
\nImpairment losses
(751)
(246)
\nImpairment of goodwill, PPE and other intangible assets
(718)
(246)
\nImpairment of other assets
(33)
\u2013
\nDividends received on investments
\u2013
45
\nIncome on business support services
8
34
\nOther
\u2013
(2)
\nTotal other (losses)/gains \u2013 net
(747)
(169)
\nRefer to note 7, 32 and 33 for further information on the above impairments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24505": {
"value": "15. Other (losses)/gains \u2013 net
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nLoss on sale of assets
(4)
\u2013
\nImpairment losses
(751)
(246)
\nImpairment of goodwill, PPE and other intangible assets
(718)
(246)
\nImpairment of other assets
(33)
\u2013
\nDividends received on investments
\u2013
45
\nIncome on business support services
8
34
\nOther
\u2013
(2)
\nTotal other (losses)/gains \u2013 net
(747)
(169)
\nRefer to note 7, 32 and 33 for further information on the above impairments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24506": {
"value": "15. Other (losses)/gains \u2013 net
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nLoss on sale of assets
(4)
\u2013
\nImpairment losses
(751)
(246)
\nImpairment of goodwill, PPE and other intangible assets
(718)
(246)
\nImpairment of other assets
(33)
\u2013
\nDividends received on investments
\u2013
45
\nIncome on business support services
8
34
\nOther
\u2013
(2)
\nTotal other (losses)/gains \u2013 net
(747)
(169)
\nRefer to note 7, 32 and 33 for further information on the above impairments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24545": {
"value": "16. Finance income/(costs)
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nInterest income
\nLoans and bank accounts
\n1
\n444
34
\nOther
32
18
\n476
52
\nInterest expense
\nLoans and overdrafts
(512)
(384)
\nCapitalised lease liabilities
(7)
(5)
\nOther
(36)
(9)
\n(555)
(398)
\nOther \ufb01nances income/(costs) \u2013 net
\nNet pro\ufb01t/(loss) from foreign exchange translation and fair value adjustments on \ufb01nancial
\ninstruments
18
(92)
\nGains/(losses) on translation of assets and liabilities
100
133
\n(Losses)/gains on derivative and other \ufb01nancial instruments
\n2
\n(82)
(225)
\nTotal \ufb01nance (costs)/income \u2013 net
(61)
(438)
\n1 The increase in the current year relates primarily to increased cash and short-term investments.
\n2 Prior period included a cost of US$217m related to the early settlement of portions of the 2025 and 2027 bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24546": {
"value": "16. Finance income/(costs)
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nInterest income
\nLoans and bank accounts
\n1
\n444
34
\nOther
32
18
\n476
52
\nInterest expense
\nLoans and overdrafts
(512)
(384)
\nCapitalised lease liabilities
(7)
(5)
\nOther
(36)
(9)
\n(555)
(398)
\nOther \ufb01nances income/(costs) \u2013 net
\nNet pro\ufb01t/(loss) from foreign exchange translation and fair value adjustments on \ufb01nancial
\ninstruments
18
(92)
\nGains/(losses) on translation of assets and liabilities
100
133
\n(Losses)/gains on derivative and other \ufb01nancial instruments
\n2
\n(82)
(225)
\nTotal \ufb01nance (costs)/income \u2013 net
(61)
(438)
\n1 The increase in the current year relates primarily to increased cash and short-term investments.
\n2 Prior period included a cost of US$217m related to the early settlement of portions of the 2025 and 2027 bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24547": {
"value": "16. Finance income/(costs)
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nInterest income
\nLoans and bank accounts
\n1
\n444
34
\nOther
32
18
\n476
52
\nInterest expense
\nLoans and overdrafts
(512)
(384)
\nCapitalised lease liabilities
(7)
(5)
\nOther
(36)
(9)
\n(555)
(398)
\nOther \ufb01nances income/(costs) \u2013 net
\nNet pro\ufb01t/(loss) from foreign exchange translation and fair value adjustments on \ufb01nancial
\ninstruments
18
(92)
\nGains/(losses) on translation of assets and liabilities
100
133
\n(Losses)/gains on derivative and other \ufb01nancial instruments
\n2
\n(82)
(225)
\nTotal \ufb01nance (costs)/income \u2013 net
(61)
(438)
\n1 The increase in the current year relates primarily to increased cash and short-term investments.
\n2 Prior period included a cost of US$217m related to the early settlement of portions of the 2025 and 2027 bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24665": {
"value": "18. Cash from operations
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nPro\ufb01t before tax per income statement
9 519
18 595
\nAdjustments:
\nNon-cash and other
(9 832)
(18 951)
\nLoss on sale of assets
4
\u2013
\nDepreciation and amortisation
190
168
\nRetention option expense
20
30
\nShare-based compensation expenses
(65)
242
\nNet \ufb01nance cost
61
438
\nShare of equity-accounted results
(5 174)
(9 257)
\nImpairment of equity-accounted investments
1 742
581
\nGains on acquisitions and disposals
(31)
(28)
\nDilution losses/(gains) on equity-accounted investments
252
(95)
\nGains on partial disposal of equity-accounted investments
(7 622)
(12 339)
\n(Gains)/losses recognised on loss of signi\ufb01cant in\ufb02uence transactions
(30)
1 112
\nGains recognised on loss of control transactions
(23)
\u2013
\nIncome on business support services
(8)
(34)
\nDividends received on investments
\u2013
(45)
\nNet realisable value adjustments on inventory, net of reversals
14
6
\nImpairment of assets
751
246
\nDividend income
(61)
\u2013
\nReversal of provision
148
33
\nOther
\u2013
(9)
\nOperating cash \ufb02ows of discontinued operations, net of adjustments for non-cash and
\nother\u00a0items
145
206
\n(168)
(150)
\nWorking capital
(181)
(494)
\nCash movement in trade and other receivables
(53)
(208)
\nCash movement in payables, accruals and cash-settled share-based payment liabilities
(210)
(96)
\nCash movement in inventories
82
(190)
\nTotal cash utilised in operations
(349)
(644)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24781": {
"value": "19.
Taxation
31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCurrent taxation
67
100
\ncurrent year
67
97
\nprior year
\u2013
3
\nDeferred taxation
(28)
(46)
\ncurrent year
(28)
(46)
\nTotal taxation expense per income statement
39
54
\nReconciliation of taxation
\nTaxation at statutory rates
\n1
\n2 449
4 654
\nAdjusted for:
\nnon-deductible expenses
\n2
\n728
577
\nnon-taxable income
\n3
\n(2 028)
(3 144)
\ntemporary di\ufb00erences not provided for
\n4
\n238
271
\nadjustments related to prior-year taxes
\u2013
(5)
\nother taxes
8
13
\ntax attributable to equity-accounted earnings
(1 336)
(2 315)
\ntax adjustment for foreign taxation rates
(20)
3
\nTaxation provided in income statement
39
54
\n1 The reconciliation of taxation has been performed using the statutory tax rate of Prosus of 25.8% (2022: 25.8%). The impact of di\ufb00erent tax rates applied to pro\ufb01ts
\nearned in other jurisdictions is disclosed above as \u2018tax adjustment for foreign taxation rates\u2019.
\n2 Non-deductible expenses relate primarily to impairment losses and dilutions of equity-accounted investments.
\n3 Non-taxable income relates primarily to the gains on disposals of subsidiaries and associates and the remeasurement share-based payment liability.
\n4 Temporary di\ufb00erences for losses not provided for relate primarily to loss-making entities that did not recognise deferred tax assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24785": {
"value": "Accounting policy Tax expense
\nThe tax expense for the period comprises current and deferred tax. Tax is recognised in the consolidated income
\nstatement, except to the extent that it relates to items recognised in the consolidated statement of other comprehensive
\nincome or directly in equity. In such cases, the related tax is also recognised in the consolidated statement of other
\ncomprehensive income or directly in equity respectively.
\nCurrent income tax
\nThe statutory Dutch corporate tax rate applicable to Prosus for the year ended 31 March 2023 is 25.8% (2022: 25.8%).
\nThe current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
\nconsolidated statement of \ufb01nancial position date in the countries where the group operates and generates taxable
\nincome. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
\ntax regulations are subject to interpretation. It accounts for uncertain tax positions where appropriate, on the basis of
\namounts expected to be paid to the tax authorities. International tax rates vary from jurisdiction to jurisdiction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24898": {
"value": "20.
Deferred taxation
The deferred tax assets and liabilities and movements thereon were attributable to the following items:
\n1 April
\n2022
\nUS$\u2019m
\nCharged
\nto income
\nUS$\u2019m
\nAcquisition
\nof subsidiaries
\nand businesses
\nUS$\u2019m
\nDisposals
\nof subsidiaries
\nand businesses
\nUS$\u2019m
\nForeign
\nexchange
\ne\ufb00ects
\nUS$\u2019m
\nTrans-
\nferred to
\nheld for
\nsale
\nUS$\u2019m
\n31 March
\n2023
\nUS$\u2019m
\nDeferred taxation
\nassets
\nProvisions and
\nother
\ncurrent liabilities
12
8
\u2013
\u2013
\u2013
(5)
15
\nCapitalised lease
\nliabilities
1
(3)
\u2013
\u2013
1
(1)
(2)
\nTax losses carried
\nforward
3
5
\u2013
\u2013
\u2013
(1)
7
\nOther
14
(8)
\u2013
\u2013
(5)
(1)
\u2013
\nTotal deferred tax
\nassets
30
2
\u2013
\u2013
(4)
(8)
20
\nO\ufb00setting of
\ndeferred tax
\nliabilities
(4)
(4)
\nNet deferred tax
\nassets
26
16
\nDeferred taxation
\nliabilities
\nIntangible assets
212
(32)
\u2013
\u2013
25
(113)
92
\nOther
\u2013
(2)
\u2013
\u2013
(3)
\u2013
(5)
\nTotal deferred tax
\nliabilities
212
(34)
\u2013
\u2013
22
(113)
87
\nO\ufb00setting of
\ndeferred tax assets
(4)
\u2013
\u2013
(4)
\nNet deferred tax
\nliabilities
208
83
\nNet deferred
\ntaxation
(182)
36
\u2013
\u2013
(26)
105
(67)
1 April
\n2021
\nUS$\u2019m
\nCharged
\nto income
\nUS$\u2019m
\nAcquisition
\nof subsidiaries
\nand businesses
\nUS$\u2019m
\nDisposals
\nof subsidiaries
\nand businesses
\nUS$\u2019m
\nForeign
\nexchange
\ne\ufb00ects
\nUS$\u2019m
\n31 March
\n2022
\nUS$\u2019m
\nDeferred taxation assets
\nProvisions and other
\ncurrent liabilities
11
\u2013
1
2
(2)
12
\nCapitalised lease
\nliabilities
3
(1)
\u2013
\u2013
(1)
1
\nTax losses carried forward
3
(1)
3
(2)
\u2013
3
\nOther
10
5
\u2013
(2)
1
14
\nTotal deferred tax assets
27
3
4
(2)
(2)
30
\nO\ufb00setting of deferred tax
\nliabilities
(4)
(4)
\nNet deferred tax assets
23
26
\nDeferred taxation liabilities
\nIntangible assets
179
(31)
80
(6)
(10)
212
\nOther
20
(25)
5
\u2013
\u2013
\u2013
\nTotal deferred tax liabilities
199
(56)
85
(6)
(10)
212
\nO\ufb00setting of deferred tax assets
(4)
(4)
\nNet deferred tax liabilities
195
208
\nNet deferred taxation
(172)
59
(81)
4
8
(182)
\nThe ultimate outcome of additional taxation assessments may vary from the amounts accrued. However, management believes
\nthat any additional taxation liability over and above the amounts accrued would not have a material adverse impact on the
\ngroup\u2019s combined consolidated income statement and consolidated statement of \ufb01nancial position.
\nThe group has tax losses carried forward of approximately US$5.5bn (2022: US$3.3bn) and unrecognised deferred tax assets on
\ninterest carried forward of US$169m. A summary of the tax losses carried forward at 31 March 2023 by tax jurisdiction and the
\nexpected expiry dates are set out below:
\nAsia
\nUS$\u2019m
\nEurope
\nUS$\u2019m
\nLatin
\nAmerica
\nand USA
\nUS$\u2019m
\nAfrica
\nUS$\u2019m
\nOther
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\nExpires in year one
7
133
\u2013
\u2013
\u2013
140
\nExpires in year two
20
28
\u2013
\u2013
\u2013
48
\nExpires in year three
17
2
\u2013
\u2013
\u2013
19
\nExpires in year four
6
14
\u2013
\u2013
\u2013
20
\nExpires in year \ufb01ve
3
14
2
\u2013
\u2013
19
\nExpires after year \ufb01ve
105
43
417
\u2013
220
785
\nNon-expiring
23
4 291
11
18
157
4 500
\n181
4 525
430
18
377
5 531
\nNet deferred taxation assets amount to US$16m (2022: US$26m), of which US$10m (2022: US$16m) are expected to be utilised
\nwithin the next 12 months and US$6m (2022: US$9m) after 12 months. Net deferred taxation liabilities amount to US$83m (2022:
\nUS$208m), of which US$4m (2022: US$28m) are expected to be settled within the next 12 months and US$79m (2022: US$180m)
\nafter 12 months.
\nThe group has not recognised any deferred tax assets related to accumulated losses when the utilisation depends on future
\ntaxable pro\ufb01ts in excess of the pro\ufb01ts arising from the reversal of existing taxable temporary di\ufb00erences, and the relevant group
\nentity from which the deferred tax asset would arise has su\ufb00ered a loss in either the current or a preceding period.
\nTemporary di\ufb00erences arise from the existence of undistributed pro\ufb01ts of subsidiaries and changes in foreign exchange rates on
\ntranslation of the subsidiaries operations. No deferred tax liabilities are recognised for these temporary di\ufb00erences because the
\ngroup controls the timing of the reversal of temporary di\ufb00erences associated with the investment by controlling the subsidiaries
\ndividend policies.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24902": {
"value": "Accounting policy Deferred tax assets and liabilities have been calculated using tax rates (and laws) that have been enacted or
\nsubstantively enacted by the statement of \ufb01nancial position date, being the rates, the group expects to apply to the
\nperiods in which the assets are realised or the liabilities are settled.
\nDeferred taxation is provided on the taxable or deductible temporary di\ufb00erences arising between the tax bases of
\nassets and liabilities and their carrying values for \ufb01nancial reporting purposes. However, deferred tax liabilities are not
\nrecognised if they arise from the initial recognition of goodwill or from the initial recognition of an asset or liability in a
\ntransaction, other than a business combination, that, at the time of the transaction, a\ufb00ects neither the accounting nor the
\ntaxable pro\ufb01t or loss. Deferred tax assets are recognised to the extent that it is probable that future taxable pro\ufb01t will be
\navailable against which deductible temporary di\ufb00erences and unused tax losses can be utilised.
\nDeferred tax liabilities are provided for temporary di\ufb00erences arising on investments in subsidiaries, associates and joint
\nventures, except where the timing of the reversal of the temporary di\ufb00erence is controlled by the group and it is
\nprobable that the temporary di\ufb00erence will not reverse in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25292": {
"value": "21.
Segment information
Operating segments are identi\ufb01ed on the basis of internal reports about components of the group that are regularly reviewed by
\nthe chief operating decision-maker in order to allocate resources to the segments and to assess their performance. The CODM
\nhas been identi\ufb01ed as the group\u2019s executive directors, who make strategic decisions. The Prosus group has the same governance
\nstructures as its ultimate controlling parent, Naspers. It has the same board and management oversight, including the same
\nindividuals comprising the CODM. Accordingly, the CODM for Naspers is the same CODM for the Prosus group.
\nThe group proportionately consolidates its share of the results of its associated companies and joint ventures in its reportable
\nsegments. This is considered to provide additional information on the economic reality of these investments and corresponds to
\nthe manner in which the CODM assesses segmental performance.
\nThe group has identi\ufb01ed its reportable segments based on its business by service or product. The operating segments are
\ngrouped into the following categories: Ecommerce, Social and internet platforms and Corporate. Below are the operating
\nsegments under each category:
\nEcommerce
\u2013 the group operates internet platforms to provide various services and products. These platforms and communities
\no\ufb00er ecommerce, communication, social networks, entertainment and mobile value-added services. The reportable operating
\nsegments within Ecommerce include Classi\ufb01eds, Payments and Fintech, Food Delivery, Etail, Edtech and other ecommerce.
\n\u00bb
Classi\ufb01eds
\u2013 the group operates a number of leading online classi\ufb01eds platforms comprising general classi\ufb01eds (such as OLX
\nand letgo) and verticals (automotive and real estate verticals) in 19 core operating markets.
\n\u00bb
Payments and Fintech
\u2013 operates one of the largest mobile and online payment platforms in 20 high-growth markets through
\nPayU, an online payment services provider. This segment also includes the group\u2019s \ufb01ntech and credit interests via associates
\nand subsidiaries.
\n\u00bb
Food Delivery
\u2013 the group invests in leading global online food ordering and delivery platforms operating in regions including
\nIndia, Latin America, Europe, Asia and the Middle East through its investments in Delivery Hero, Swiggy and iFood.
\n\u00bb
Etail
\u2013 comprises the group\u2019s etail subsidiaries (eMAG). The group\u2019s operations are spread across Central and Eastern Europe
\nand India.
\n\u00bb
Edtech
\u2013 comprises the group\u2019s investment in leading online educational technology platforms (such as Stack Over\ufb02ow, Skillsoft
\nand GoodHabitz). The group\u2019s operations are spread across the globe including the North America, Europe, the Middle East,
\nAfrica and the Asia-Paci\ufb01c region.
\n\u00bb
Other ecommerce
\u2013 this segment comprises the group\u2019s mobile and other content businesses. Also included are various
\ncorporate support functions for the Ecommerce segment.
\nSocial and internet platforms
\u2013 the group holds listed investments in social and internet platforms through Tencent, China\u2019s
\nlargest and most-used internet services platform.
\nCorporate
\u2013 this segment comprises entities providing various corporate functions and activities. These services include but are
\nnot limited to executive oversight, information management, legal, treasury, control and accounting, human resources, taxes and
\ninvestor relations.
\nSales between the above segments are eliminated in the \u2018Inter-segmental\u2019 column. The revenue from external parties and all
\nother items of income, expenses, pro\ufb01ts and losses reported in the segment report is measured in a manner consistent with that
\nin the consolidated income statement. Adjusted EBITDA and trading pro\ufb01t/(loss) are presented in the segment report.
\nAdjusted EBITDA represents operating pro\ufb01t/loss, as adjusted to exclude: (i) depreciation; (ii) amortisation; (iii) retention option
\nexpenses linked to business combinations; (iv) other (losses)/gains \u2013 net, which includes dividends received from investments,
\npro\ufb01ts and losses on sale of assets, fair value adjustments of \ufb01nancial instruments, impairment losses, gains or losses on
\nsettlement of liabilities; (v) cash-settled share-based compensation expenses deemed to arise from shareholder transactions by
\nvirtue of employment; and (vi) subsequent fair value remeasurement of cash-settled share-based compensation expenses for
\ngroup share option schemes, equity-settled share-based compensation expenses for group share option schemes as well as
\nthose deemed to arise on shareholder transactions (but not excluding share-based payment expenses for which the group has a
\ncash cost on settlement with participants). It is considered a useful measure to analyse operational pro\ufb01tability.
Trading pro\ufb01t/loss represents operating pro\ufb01t/loss, as adjusted to exclude: (i) amortisation of intangible assets recognised in
\nbusiness combinations and acquisitions, as these expenses are not considered operational in nature; (ii) retention option
\nexpenses linked to business combinations; (iii) other (losses)/gains \u2013 net, which includes dividends received from investments,
\npro\ufb01ts and losses on sale of assets, fair value adjustments of \ufb01nancial instruments, impairment losses, compensation received
\nfrom third parties for property, plant and equipment impaired, lost or stolen, and gains or losses on settlement of liabilities; (iv)
\ncash-settled share-based compensation expenses deemed to arise from shareholder transactions by virtue of employment; and
\n(v) subsequent fair value remeasurement of cash-settled share-based compensation expenses, equity-settled share-based
\ncompensation expenses for group share option schemes as well as those deemed to arise on shareholder transactions (but not
\nexcluding share-based payment expenses for which the group has a cash cost on settlement with participants).
\nThe revenues from external customers for each major group of products and services are disclosed in note 13. The group is not
\nreliant on any one major customer as the group\u2019s products are consumed by the general public in a large number of countries.
\nRevenue
\n31 March 2023
31 March 2022
\nExternal
\nUS$\u2019m
\nInter-
\nsegmental
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\nExternal
\nUS$\u2019m
\nInter-
\nsegmental
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\nContinuing operations
\nEcommerce
9 944
\u2013
9 944
8 174
\u2013
8 174
\n\u2013 Classi\ufb01eds
\n1, 2
\n1 575
\u2013
1 575
1 324
\u2013
1 324
\n\u2013 Food Delivery
4 203
\u2013
4 203
2 992
2 992
\n\u2013 Payments and Fintech
1 034
18
1 052
784
12
796
\n\u2013 Edtech
545
\u2013
545
425
\u2013
425
\n\u2013 Etail
1 953
\u2013
1 953
2 259
\u2013
2 259
\n\u2013 Other
634
(18)
616
390
(12)
378
\nSocial and internet platforms
22 269
\u2013
22 269
25 794
\u2013
25 794
\n\u2013 Tencent
22 269
\u2013
22 269
25 261
\u2013
25 261
\n\u2013 VK
\n3
\n\u2013
\u2013
\u2013
533
\u2013
533
\nCorporate segment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nTotal economic interest from
\ncontinuing operations
32 213
\u2013
32 213
33 968
\u2013
33 968
\nLess:
Equity-accounted investments
(26 448)
\u2013
(26 448)
(28 748)
\u2013
(28 748)
\nTotal consolidated from continuing
\noperations
5 765
\u2013
5 765
5 220
\u2013
5 220
\nTotal from discontinued operations
\n1, 2
\n1 626
\u2013
1 626
1 646
\u2013
1 646
\nTotal consolidated
7 391
\u2013
7 391
6 866
\u2013
6 866
\n1 From 1 April 2022, following the separation from OLX Group, the CODM reviewed the \ufb01nancial results of Avito separately. Subsequent to the group\u2019s decision to exit
\nthis Russian business, Avito was presented as a discontinued operation up until the date of disposal. The comparative \ufb01nancial results of Avito, previously presented
\nin the Classi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations. Refer to note 5.
\n2 From 1 March 2023, following the group\u2019s decision to exit the OLX Autos business unit, its operations classi\ufb01ed as held for sale and those that have been closed by
\n31 March 2023 were presented as a discontinued operation. The OLX Autos business unit is a separate major line of business both in terms of the distinct nature of
\nthe business and its contribution to the operational performance of the group. The comparative \ufb01nancial results of these operations previously presented in the
\nClassi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations. Refer to note 5.
\n3 During the year ended 31 March 2022, the group lost signi\ufb01cant in\ufb02uence in VK Company Limited (VK). In November 2022, the group signed an agreement with VK
\nto renounce all VK shares and shareholder rights for no consideration.
Year ended 31 March 2023
\nTotal
\nrevenue
\nUS$\u2019m
\nCOPS
\nand SGA
\n1
\nUS$\u2019m
\nAdjusted
\nEBITDA
\n2
\nUS$\u2019m
\nDepreciation
\nUS$\u2019m
\nAmortisation
\nof software
\nUS$\u2019m
\nInterest
\non leases
\nUS$\u2019m
\nTrading
\n(loss)/pro\ufb01t
\n3
\nUS$\u2019m
\nContinuing operations
\nEcommerce
9 944
(11 213)
(1 269)
(200)
(26)
(14)
(1 509)
\n\u2013 Classi\ufb01eds
\n4, 5
\n1 575
(1 688)
(113)
(31)
(7)
(5)
(156)
\n\u2013 Food Delivery
4 203
(4 748)
(545)
(88)
(7)
(9)
(649)
\n\u2013 Payments and Fintech
1 052
(1 160)
(108)
(6)
(2)
\u2013
(116)
\n\u2013 Edtech
545
(784)
(239)
(15)
(5)
1
(258)
\n\u2013 Etail
1 953
(1 963)
(10)
(46)
(5)
(2)
(63)
\n\u2013 Other
616
(870)
(254)
(14)
\u2013
1
(267)
\nSocial and internet platforms
22 269
(15 974)
6 295
(1 145)
(22)
(43)
5 085
\n\u2013 Tencent
22 269
(15 974)
6 295
(1 145)
(22)
(43)
5 085
\nCorporate segment
\u2013
(166)
(166)
(6)
\u2013
(1)
(173)
\nTotal economic interest from
\ncontinuing operations
32 213
(27 353)
4 860
(1 351)
(48)
(58)
3 403
\nLess:
Equity-accounted
\ninvestments
(26 448)
20 920
(5 528)
1 249
35
51
(4 193)
\nTotal consolidated from
\ncontinuing operations
5 765
(6 433)
(668)
(102)
(13)
(7)
(790)
\nTotal from discontinued
\noperations
\n4, 5
\n1 626
(1 580)
46
(15)
(5)
\u2013
26
\nTotal consolidated
7 391
(8 013)
(622)
(117)
(18)
(7)
(764)
\n1 Refers to cost of providing services and sale of goods as well as selling, general and administration expenses.
\n2 Adjusted EBITDA is a non-IFRS measure that refers to earnings before the remeasurement of cash-settled share-based compensation expenses, equity-settled
\nshare-based compensation expenses for group share option schemes, interest, taxation, depreciation and amortisation. It is considered a useful measure to analyse
\npro\ufb01tability by eliminating the e\ufb00ects of remeasurement of cash-settled share-based compensation expenses, equity-settled share-based compensation expenses for
\ngroup share option schemes, \ufb01nancing, tax, capital investment, depreciation and amortisation.
\n3 Trading (loss)/pro\ufb01t is a non-IFRS measure that refers to adjusted EBITDA adjusted for depreciation, amortisation of software and interest on capitalised lease
\nliabilities. It is considered a useful measure to analyse pro\ufb01tability.
\n4 From 1 April 2022, following the separation from OLX Group, the CODM reviewed the \ufb01nancial results of Avito separately. Subsequent to the group\u2019s decision to exit
\nthis Russian business, Avito was presented as a discontinued operation up until the date of disposal. The comparative \ufb01nancial results of Avito, previously presented
\nin the Classi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n5 From 1 March 2023, following the group\u2019s decision to exit the OLX Autos business unit, its operations classi\ufb01ed as held for sale and those that have been closed by
\n31 March 2023 were presented as a discontinued operation. The OLX Autos business unit is a separate major line of business both in terms of the distinct nature of
\nthe business and its contribution to the operational performance of the group. The comparative \ufb01nancial results of these operations previously presented in the
\nClassi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
Year ended 31 March 2022
\nTotal
\nrevenue
\nUS$\u2019m
\nCOPS
\nand SGA
\n1
\nUS$\u2019m
\nAdjusted
\nEBITDA
\n2
\nUS$\u2019m
\nDepreciation
\nUS$\u2019m
\nAmortisation
\nof software
\nUS$\u2019m
\nInterest
\non leases
\nUS$\u2019m
\nTrading
\n(loss)/pro\ufb01t
\n3
\nUS$\u2019m
\nContinuing operations
\nEcommerce
8 174
(9 196)
(1 022)
(165)
(13)
(6)
(1 206)
\n\u2013 Classi\ufb01eds
\n4, 5
\n1 324
(1 361)
(37)
(27)
(3)
(3)
(70)
\n\u2013 Food Delivery
2 992
(3 643)
(651)
(67)
(5)
(1)
(724)
\n\u2013 Payments and Fintech
796
(848)
(52)
(6)
(1)
(1)
(60)
\n\u2013 Edtech
425
(525)
(100)
(16)
(1)
\u2013
(117)
\n\u2013 Etail
2 259
(2 247)
12
(43)
(3)
(1)
(35)
\n\u2013 Other
378
(572)
(194)
(6)
\u2013
\u2013
(200)
\nSocial and internet platforms
25 794
(18 171)
7 623
(1 225)
(42)
(37)
6 319
\n\u2013 Tencent
25 261
(17 759)
7 502
(1 181)
(16)
(32)
6 273
\n\u2013 VK
\n6
\n533
(412)
121
(44)
(26)
(5)
46
\nCorporate segment
\u2013
(160)
(160)
(6)
\u2013
(1)
(167)
\nTotal economic interest from
\ncontinuing operations
33 968
(27 527)
6 441
(1 396)
(55)
(44)
4 946
\nLess:
Equity-accounted
\ninvestments
(28 748)
21 763
(6 985)
1 308
48
39
(5 590)
\nTotal consolidated from
\ncontinuing operations
5 220
(5 764)
(544)
(88)
(7)
(5)
(644)
\nTotal from discontinued
\noperations
\n4, 5
\n1 646
(1 513)
133
(28)
(4)
(4)
97
\nTotal consolidated
6 866
(7 277)
(411)
(116)
(11)
(9)
(547)
\n1 Refers to cost of providing services and sale of goods as well as selling, general and administration expenses.
\n2 Adjusted EBITDA is a non-IFRS measure that refers to earnings before the remeasurement of cash-settled share-based compensation expenses, equity-settled
\nshare-based compensation expenses for Naspers group share option schemes, interest, taxation, depreciation and amortisation. It is considered a useful measure
\nto\u00a0analyse pro\ufb01tability by eliminating the e\ufb00ects of remeasurement of cash-settled share-based compensation expenses, equity-settled share-based compensation
\nexpenses for group share option schemes, \ufb01nancing, tax, capital investment, depreciation and amortisation.
\n3 Trading (loss)/pro\ufb01t is a non-IFRS measure that refers to adjusted EBITDA adjusted for depreciation, amortisation of software and interest on capitalised lease
\nliabilities. It is considered a useful measure to analyse operational pro\ufb01tability.
\n4 From 1 April 2022, following the separation from OLX Group, the CODM reviewed the \ufb01nancial results of Avito separately. Subsequent to the group\u2019s decision to exit
\nthis Russian business, Avito was presented as a discontinued operation up until the date of disposal. The comparative \ufb01nancial results of Avito, previously presented
\nin the Classi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n5 From 1 March 2023, following the group\u2019s decision to exit the OLX Autos business unit, its operations classi\ufb01ed as held for sale and those that have been closed by
\n31 March 2023 were presented as a discontinued operation. The OLX Autos business unit is a separate major line of business both in terms of the distinct nature of
\nthe business and its contribution to the operational performance of the group. The comparative \ufb01nancial results of these operations previously presented in the
\nClassi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n6 During the year ended 31 March 2022, the group lost signi\ufb01cant in\ufb02uence in VK In November 2022, the group signed an agreement with VK to renounce all VK
\nshares and shareholder rights for no consideration.
Additional disclosure
\nYear ended 31 March 2023
Year ended 31 March 2022
\nReversal of
\nimpairment/
\n(impairment)
\nof assets
\nUS$\u2019m
\nShare of
\nequity-
\naccounted
\nresults
\nUS$\u2019m
\nAverage
\nnumber of
\nemployees
\n1
\nReversal of
\nimpairment/
\n(impairment)
\nof assets
\nUS$\u2019m
\nShare of
\nequity-
\naccounted
\nresults
\nUS$\u2019m
\nAverage
\nnumber of
\nemployees
\n1
\nContinuing operations
\nEcommerce
(1 050)
(1 818)
23 074
143
(522)
18 673
\n\u2013 Classi\ufb01eds
\n2, 3
\n(246)
(182)
4 869
\u2013
(69)
2 953
\n\u2013 Food Delivery
(185)
(1 173)
5 596
390
(148)
4 560
\n\u2013 Payments and Fintech
(3)
(30)
3 512
\u2013
(23)
2 120
\n\u2013 Edtech
(575)
(202)
772
(246)
(155)
509
\n\u2013 Etail
(2)
(2)
7 579
(1)
\u2013
7 402
\n\u2013 Other
(39)
(229)
746
\u2013
(127)
1 129
\nSocial and internet platforms
(1 493)
6 994
(1 459)
9 779
\n\u2013 Tencent
(1 493)
6 994
(1 453)
9 863
\n\u2013 VK
\n4
\n\u2013
\u2013
(6)
(84)
\nCorporate segment
\u2013
\u2013
178
\u2013
\u2013
183
\nTotal reportable segments from
\ncontinuing\u00a0operations
(2 543)
5 176
23 252
(1 316)
9 257
18 856
\nLess:
Equity-accounted investments
\n5
\n1 792
\u2013
\u2013
1 070
\u2013
\nTotal from continuing operations
(751)
5 176
23 252
(246)
9 257
18 856
\nTotal from discontinued operations
\n2, 3
\n(19)
\u2013
\u2013
\u2013
\nTotal
(770)
5 176
23 252
(246)
9 257
18 856
\n1 Includes 387 (2022: 326) employees working in The Netherlands. As at 31 March 2023, the group employed 22 634 (2022: 23 437) permanent employees in its
\nsubsidiaries.
\n2 From 1 April 2022, following the separation from OLX Group, the CODM reviewed the \ufb01nancial results of Avito separately. Subsequent to the group\u2019s decision to exit
\nthis Russian business, Avito was presented as a discontinued operation up until the date of disposal. The comparative \ufb01nancial results of Avito, previously presented
\nin the Classi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n3 From 1 March 2023, following the group\u2019s decision to exit the OLX Autos business unit, its operations classi\ufb01ed as held for sale and those that have been closed by
\n31 March 2023 were presented as a discontinued operation. The OLX Autos business unit is a separate major line of business both in terms of the distinct nature of
\nthe business and its contribution to the operational performance of the group. The comparative \ufb01nancial results of these operations previously presented in the
\nClassi\ufb01eds Ecommerce segment, have been reclassi\ufb01ed and presented in discontinued operations.
\n4 During the year ended 31 March 2022, the group lost signi\ufb01cant in\ufb02uence in VK. In November 2022, the group signed an agreement with VK to renounce all VK
\nshares and shareholder rights for no consideration.
\n5 All associates and joint ventures\u2019 results are accounted for using the equity method.
Trading pro\ufb01t/(loss) as presented in the segment disclosure is the CODM and management\u2019s key measure of each segment\u2019s
\noperational performance. A reconciliation of the segmental trading pro\ufb01t/(loss) to operating pro\ufb01t/(loss) and pro\ufb01t before tax as
\nreported in the income statement is provided below:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nConsolidated adjusted EBITDA from continuing operations
\n1
\n(668)
(544)
\nDepreciation
(102)
(88)
\nAmortisation of software
(13)
(7)
\nInterest on capitalised lease liabilities
(7)
(5)
\nConsolidated trading loss from continuing operations
\n2
\n(790)
(644)
\nInterest on capitalised lease liabilities
7
5
\nAmortisation of other intangible assets
(75)
(73)
\nOther (losses)/gains \u2013 net
(747)
(169)
\nOther
6
8
\nRetention option expense
(20)
(30)
\nRemeasurement of cash-settled share-based incentive expenses
291
(18)
\nShare-based incentives for share options settled in Naspers Limited shares
\n3
\n(9)
(29)
\nConsolidated operating loss from continuing operations per the income statement
(1 337)
(950)
\nInterest income
476
52
\nInterest expense
(555)
(398)
\nDividend Income
61
\u2013
\nOther \ufb01nance (costs)/income \u2013 net
18
(92)
\nShare of equity-accounted results
5 174
9 257
\nImpairment of equity-accounted investments
(1 742)
(581)
\nDilution gains on equity-accounted investments
(252)
95
\nGains on partial disposal of equity-accounted investments
7 622
12 339
\nNet gains on acquisitions and disposals
54
(1 127)
\nPro\ufb01t before taxation from continuing operations per the income statement
9 519
18 595
\n1 Adjusted EBITDA is a non-IFRS measure that represents operating pro\ufb01t/loss, as adjusted, to exclude: depreciation; amortisation; retention option expenses linked to
\nbusiness combinations; other losses/gains \u2013 net, which includes dividends received from investments, pro\ufb01ts and losses on sale of assets, fair value adjustments of
\n\ufb01nancial instruments, impairment losses, cash-settled share-based compensation expenses deemed to arise from shareholder transactions by virtue of employment;
\nand subsequent fair value remeasurement of cash-settled share-based compensation expenses, equity-settled share-based compensation expenses for group share
\noption schemes as well as those deemed to arise on shareholder transactions (but not excluding share-based payment expenses for which the group has a cash
\ncost on settlement with participants). It is considered a useful measure to analyse operational pro\ufb01tability.
\n2 Trading (loss)/pro\ufb01t is a non-IFRS measure that refers to adjusted EBITDA adjusted for depreciation, amortisation of software and interest on capitalised lease
\nliabilities. It is considered a useful measure to analyse operational pro\ufb01tability.
\n3 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,
\nie they are settled by Naspers.
Geographical information
\nRevenue from continuing operations is allocated to a country based on the location of users/customers. The group operates in
\nfour main geographical areas:
\nAsia
\u2013 The group\u2019s activities comprise its interests in internet activities based in China, India, Thailand and Singapore.
\nEurope
\u2013 The group\u2019s activities comprise its interest in internet activities based in Central, Eastern and Western Europe.
\nFurthermore, the group generates revenue from services provided by subsidiaries based in the Netherlands.
\nLatin America
\u2013 The group\u2019s activities comprise its interests in internet activities based in Brazil and other Latin American
\ncountries.
\nNorth America
\u2013 The group\u2019s activities comprise its interests in internet activities based in United States of America and other
\ncountries.
\nOther
\u2013 Includes the group\u2019s provision of various products and internet services located mainly in Africa and Australia.
\n31 March 2023
31 March 2022
\nGeographical area
\nExternal
\nconsolidated
\nrevenue
\nUS$\u2019m
\nExternal
\nproportionately
\nconsolidated
\nrevenue
\nUS$\u2019m
\nExternal
\nconsolidated
\nrevenue
\nUS$\u2019m
\nExternal
\nproportionately
\nconsolidated
\nrevenue
\nUS$\u2019m
\nFrom continuing operations
\nAsia
528
23 753
358
26 288
\nEurope
2 833
5 385
2 956
5 288
\nCentral Europe
641
641
736
736
\nEastern Europe
2 130
2 154
2 121
2 663
\nWestern Europe
62
2 590
99
1 889
\nLatin America
2 252
2 354
1 776
1 859
\nNorth America
87
624
65
467
\nOther
65
97
65
66
\nTotal revenue from continuing operations
5 765
32 213
5 220
33 968
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25296": {
"value": "Accounting policy Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
\ndecision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the
\noperating segments, has been identi\ufb01ed as the executive directors that make strategic decisions. The group
\nproportionately consolidates its share of the results of its associates and joint ventures in the various reportable
\nsegments. This is considered to provide additional information on the economic value of these investments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26402": {
"value": "22.
Earnings per share and equity
Calculation of headline earnings
\n31 March 2023
\nGross
\nUS$\u2019m
\nTaxation
\nUS$\u2019m
\nNon-
\ncontrolling
\ninterests
\nUS$\u2019m
\nNet
\nUS$\u2019m
\nEarnings from continuing operations
\nBasic earnings attributable to shareholders
9 575
\nImpact of dilutive instruments of subsidiaries, associates and
\njoint\u00a0ventures
(116)
\nDiluted earnings attributable to shareholders
9 459
\nHeadline adjustments for continuing operations
\nAdjustments for:
(8 843)
\u2013
(104)
(8 947)
\nImpairment of other assets
33
\u2013
\u2013
33
\nImpairment of goodwill, PPE and other intangible assets
718
\u2013
(1)
717
\nGains recognised on loss of control
(23)
\u2013
\u2013
(23)
\nLoss on sale of assets
4
\u2013
\u2013
4
\nGains recognised on loss of signi\ufb01cant in\ufb02uence
(30)
\u2013
1
(29)
\nNet gains on acquisitions and disposals of investments
(30)
\u2013
\u2013
(30)
\nGains on partial disposal of equity-accounted investments
(7 622)
\u2013
\u2013
(7 622)
\nDilution losses on equity-accounted investments
252
\u2013
\u2013
252
\nRemeasurements included in equity-accounted earnings
\n1
\n(3 887)
\u2013
(64)
(3 951)
\nImpairment of equity-accounted investments
1 742
\u2013
(40)
1 702
\nBasic headline earnings from continuing operations
\n2
\n628
\nDiluted headline earnings from continuing operations
512
\n1 Remeasurements included in equity-accounted earnings include US$5.9bn (2022: US$6.3bn) relating to gains arising on acquisitions and disposals by associates
\nand US$1.9bn (2022: US$1.1bn) relating to net impairments of assets recognised by associates.
\n2 Headline earnings represent net pro\ufb01t for the year attributable to equity holders of the group, excluding certain de\ufb01ned separately identi\ufb01able remeasurements.
\nThe headline earnings measure is pursuant to the JSE Listings Requirements.
31 March 2022
\nGross
\nUS$\u2019m
\nTaxation
\nUS$\u2019m
\nNon-
\ncontrolling
\ninterests
\nUS$\u2019m
\nNet
\nUS$\u2019m
\nEarnings from continuing operations
\nBasic earnings attributable to shareholders
18 681
\nImpact of dilutive instruments of subsidiaries, associates and
\njoint\u00a0ventures
(170)
\nDiluted earnings attributable to shareholders
18 511
\nHeadline adjustments for continuing operations
\nAdjustments for:
(15 660)
\u2013
\u2013
(15 660)
\nImpairment of goodwill and other intangible assets
246
\u2013
\u2013
246
\nLosses recognised on loss of signi\ufb01cant in\ufb02uence
1 112
\u2013
\u2013
1 112
\nNet gains on acquisitions and disposals of investments
(34)
\u2013
\u2013
(34)
\nGains on partial disposal of equity-accounted investments
(12 339)
\u2013
\u2013
(12 339)
\nDilution gains on equity-accounted investments
(95)
\u2013
\u2013
(95)
\nRemeasurements included in equity-accounted earnings
(5 131)
\u2013
\u2013
(5 131)
\nImpairment of equity-accounted investments
581
\u2013
\u2013
581
\nBasic headline earnings from continuing operations
\n1
\n3 021
\nDiluted headline earnings from continuing operations
2 851
\n1 Headline earnings represent net pro\ufb01t for the year attributable to equity holders of the group, excluding certain de\ufb01ned separately identi\ufb01able remeasurements.
\nThe headline earnings measure is pursuant to the JSE Listings Requirements.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nEarnings from discontinued operations
\nBasic earnings attributable to shareholders
537
52
\nDiluted earnings attributable to shareholders
537
52
\nHeadline adjustments for discontinued operations
\n1
\nAdjustments for:
(543)
3
\nLoss on sale of property, plant and equipment and other intangible assets
6
\u2013
\nImpairment of goodwill, intangible assets and other assets
19
\u2013
\nNet (gains)/loss on acquisitions and disposals of investments
(568)
3
\n(6)
55
\nTotal tax e\ufb00ects of adjustments
\u2013
\u2013
\nTotal adjustment for non-controlling interest
6
\u2013
\nBasic headline earnings from discontinued operations
\u2013
55
\nDiluted headline earnings from discontinued operations
\u2013
55
\n1 Headline earnings represent net pro\ufb01t for the year attributable to equity holders of the group, excluding certain de\ufb01ned, separately identi\ufb01able remeasurements.
\nThe headline earnings measure is pursuant to the JSE Listings Requirements.
The earnings per share information represents the economic interest per share, taking into account the impact of the cross-
\nholding agreement between Prosus and Naspers, which became e\ufb00ective at the time of the closing of the voluntary share
\nexchange. The cross-holding agreement deals with how distributions by Prosus will be attributed to its ordinary shareholders N.
\nUnder the cross-holding agreement, Naspers has waived its entitlement to any distributions from Prosus for a calculated number
\nof the ordinary shares N it holds in Prosus, as these represent the portion of the Prosus ordinary shares N that Prosus indirectly
\nowns in itself, by virtue of its 52.5% (2022: 49.5%) fully dilutive interest in Naspers. These ordinary shares N (cross-holding ordinary
\nshares N) are excluded from the earnings per share calculation, as they contractually do not have an economic interest in the
\nearnings of the group.
\nThe number of shares in issue used in the earnings per share information is weighted for the period that the shares were in issue
\nand not recognised as treasury shares. Refer to note 5 for the impact of the share repurchase programme.
\nThe ordinary shareholders A and B are entitled to one voting right per share. The ordinary shareholders A are entitled to one \ufb01fth
\nof the economic rights attributable to the Prosus free-\ufb02oat shareholders. The ordinary shareholders B are entitled to one millionth
\nof the economic rights of the Prosus ordinary shares N.
\n31 March
\nNumber of participating ordinary
\nshares N
\nIssued shares
2023
2022
\nNet number of shares in issue at year-end (net of treasury shares)
\n1
\n1 851 020 628
2 003 817 745
\nCross-holding ordinary shares N
(596 444 361)
(584 373 494)
\nNet number of shares at year-end
1 254 576 267
1 419 444 251
\nWeighted average number of ordinary shares
\nIssued net of treasury shares at the beginning of the year
1 419 444 251
1 612 777 577
\nWeighting of share repurchase
(54 343 317)
(21 496 865)
\nWeighting of cross-holding ordinary shares N
(7 733 518)
(365 033 306)
\nWeighting of ordinary shares N issued to Naspers shareholders
280 465 945
\nWeighted average number of shares in issue during the year
\n2
\n1 357 367 416
1 506 713 351
\nAdjusted for e\ufb00ect of future share-based payment transactions
\u2013
\u2013
\nDiluted weighted average number of shares in issue during the year
1 357 367 416
1 506 713 351
\nPer share information from continuing operations for the year (US cents)
\n3
\nEarnings per ordinary share N
705
1 240
\nDiluted earnings per ordinary share N
697
1 229
\nHeadline earnings per ordinary share N
46
201
\nDiluted headline earnings per ordinary share N
38
189
\nDividend paid per ordinary share N (euro cents)
14
14
\nProposed dividend per ordinary share N (euro cents)
14
14
\n1 Includes 448 991 535 ordinary shares N issued to Naspers shareholders in the prior period due to share exchange. The Prosus free-\ufb02oat shareholders hold
\n714\u00a0127\u00a0311 ordinary shares N (2022: 823 567 733) with the remaining 1 136 893 317 ordinary shares N (2022: 1 180 250 012) held by Naspers.
\n2 The number of shares in issue is weighted for the period that the shares were not recognised as treasury shares as a result of the share repurchase programme.
\nRefer to note 5.
\n3 Total earnings per share for ordinary shareholders A amount to 62 US cents (2022: 108 US cents) and ordinary shareholders B amount to nil US cents. Earnings per
\nshare for ordinary shareholders A from continuing operations amount to 59 US cents (2022: 108 US cents) and ordinary shareholders B amount to nil US cents for
\nall\u00a0periods.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26406": {
"value": "Accounting policy Earnings per share
\nBasic earnings per share is calculated by dividing the pro\ufb01t attributable to equity holders of the group by the weighted
\naverage ordinary shares outstanding during the \ufb01nancial year, excluding treasury shares.
\nDiluted earnings per share adjust the \ufb01gures used in the determination of basic earnings per share to take into account:
\n\u00bb
The after-income tax e\ufb00ect of interest and other \ufb01nancing costs associated with dilutive potential ordinary shares; and
\n\u00bb
The weighted average number of additional ordinary shares that would have been outstanding assuming the
\nconversion of all dilutive potential ordinary shares.
\nThe group discloses headline earnings per share as determined in accordance with Circular 1/2021, pursuant to the JSE
\nListings Requirements. Headline earnings represent net pro\ufb01t for the year attributable to the group\u2019s equity holders,
\nexcluding certain de\ufb01ned separately identi\ufb01able remeasurements relating to, among others, impairments of tangible
\nassets, intangible assets (including goodwill) and equity-accounted investments, gains and losses on acquisitions and
\ndisposals of investments as well as assets, dilution gains and losses on equity-accounted investments, remeasurement
\ngains and losses on disposal groups classi\ufb01ed as held for sale and remeasurements included in equity-accounted
\nearnings, net of related taxes (both current and deferred) and the related non-controlling interests. These
\nremeasurements are determined in accordance with Circular 1/2021, headline earnings, as issued by the South African
\nInstitute of Chartered Accountants, at the request of the JSE Limited in relation to the calculation of headline earnings
\nand disclosure of a detailed reconciliation of headline earnings to the earnings numbers used in the calculation of basic
\nearnings per share in accordance with the requirements of IAS 33
Earnings per Share
, under the JSE Listings
\nRequirements.
\nBasic headline earnings per share are determined by dividing the headline earnings described above by the weighted
\naverage ordinary shares outstanding during the \ufb01nancial year, excluding treasury shares. Diluted headline earnings per
\nshare are determined by dividing the diluted headline earnings by the weighted average number of additional ordinary
\nshares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
\nIn the event that the number of ordinary or potential ordinary shares outstanding increases as a result of a capitalisation
\nwithout consideration, the calculation of the basic and diluted earnings per share for the comparative period is adjusted
\nretrospectively.
\nShare capital and treasury shares
\nOrdinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares or options are
\nshown in equity as a deduction against share premium.
\nWhere subsidiaries hold Prosus ordinary shares N, the consideration paid to acquire those shares, including attributable
\nincremental costs, is deducted from shareholders\u2019 equity and presented separately as treasury shares. Where such
\nshares are subsequently sold or reissued, the cost of those shares is released, and realised gains or losses are
\nrecorded in equity. In addition, where Prosus holds its own ordinary shares N in issue, such shares are shown as treasury
\nshares until they are cancelled. When these shares are cancelled, they are deducted against share capital and share
\npremium and/or retained earnings on the basis of their par value.
\nThe group presents treasury shares separately in the consolidated statement of changes in equity as well as on the face
\nof the consolidated statement of \ufb01nancial position.
\nProsus share exchange with Naspers shareholders and cross-holding arrangement
\nIn August 2021, the group completed a share exchange o\ufb00er to Naspers shareholders and a distribution agreement
\n(hereafter referred to as the cross-holding agreement) was entered into between Naspers and Prosus, which became
\ne\ufb00ective at the time of closing of the share exchange.
\nThe cross-holding agreement mandates that Prosus waives all rights to all distributions (including dividend \ufb02ows) from its
\nNaspers shares held, other than the portion attributable to the residual interest in the Naspers group (primarily Takealot,
\nMedia24 and corporate entities). Prosus is also restricted from disposing all or any portion of its Naspers shares held
\nwithout the consent of Naspers. In addition, Naspers is obligated to pass on any distributions (including dividends) it
\nreceives from Prosus to its free-\ufb02oat shareholders (as Prosus is subject to the waiver discussed above). Based on this
\narrangement, Prosus is eligible to the economic bene\ufb01ts generated by the Naspers entities outside of the Prosus group.
\nBased on the substance of the transaction, the portion of the e\ufb00ective interest in Naspers that relates to Prosus\u2019
\nunderlying investments is accounted for as a shareholder distribution. This is recognised in equity in the \u2018Existing control
\nbusiness combination reserve\u2019. This portion of the transaction is therefore treated as a transaction with shareholders in
\ncontemplation of a capital restructure. Only Prosus\u2019 residual interest in the Naspers group is recognised as an investment
\nat fair value through other comprehensive income on the consolidated statement of \ufb01nancial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26439": {
"value": "Share capital and treasury shares Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares or options are
\nshown in equity as a deduction against share premium.
\nWhere subsidiaries hold Prosus ordinary shares N, the consideration paid to acquire those shares, including attributable
\nincremental costs, is deducted from shareholders\u2019 equity and presented separately as treasury shares. Where such
\nshares are subsequently sold or reissued, the cost of those shares is released, and realised gains or losses are
\nrecorded in equity. In addition, where Prosus holds its own ordinary shares N in issue, such shares are shown as treasury
\nshares until they are cancelled. When these shares are cancelled, they are deducted against share capital and share
\npremium and/or retained earnings on the basis of their par value.
\nThe group presents treasury shares separately in the consolidated statement of changes in equity as well as on the face
\nof the consolidated statement of \ufb01nancial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26440": {
"value": "Share capital and treasury shares Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares or options are
\nshown in equity as a deduction against share premium.
\nWhere subsidiaries hold Prosus ordinary shares N, the consideration paid to acquire those shares, including attributable
\nincremental costs, is deducted from shareholders\u2019 equity and presented separately as treasury shares. Where such
\nshares are subsequently sold or reissued, the cost of those shares is released, and realised gains or losses are
\nrecorded in equity. In addition, where Prosus holds its own ordinary shares N in issue, such shares are shown as treasury
\nshares until they are cancelled. When these shares are cancelled, they are deducted against share capital and share
\npremium and/or retained earnings on the basis of their par value.
\nThe group presents treasury shares separately in the consolidated statement of changes in equity as well as on the face
\nof the consolidated statement of \ufb01nancial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26845": {
"value": "0.14",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f26847": {
"value": "0.14",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f26850": {
"value": "0.14",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f26852": {
"value": "0.14",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f26882": {
"value": "23. Share capital and premium
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nAuthorised
\n5 000 000 000 ordinary shares N of \u20ac0.05 each (2022: \u20ac0.05)
\n10 000 000 ordinary shares A1 of \u20ac0.05 each (2022: \u20ac0.05)
\n10 000 ordinary shares A2 of \u20ac50.0 each (2022: \u20ac50.0)
\n3 000 000 000 ordinary shares B of \u20ac0.05 each (2021: \u20ac0.05)
\nIssued
\n2 003 817 745 ordinary shares N (2022: 2 073 643 605)
114
114
\n4 456 650 ordinary shares A1 (2022: 4 456 650)
1
1
\n1 128 507 756 ordinary shares B (2022: 1 128 507 756)
62
62
\n177
177
\nShare premium
39 009
39 013
\n39 186
39 190
\nTreasury shares
(10 043)
(6 411)
\n29 143
32 779
\nEquity compensation plans administered by Naspers group share trusts hold 5 975 966 (2022: 4 543 614) of the ordinary shares
\nN issued.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26883": {
"value": "23. Share capital and premium
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nAuthorised
\n5 000 000 000 ordinary shares N of \u20ac0.05 each (2022: \u20ac0.05)
\n10 000 000 ordinary shares A1 of \u20ac0.05 each (2022: \u20ac0.05)
\n10 000 ordinary shares A2 of \u20ac50.0 each (2022: \u20ac50.0)
\n3 000 000 000 ordinary shares B of \u20ac0.05 each (2021: \u20ac0.05)
\nIssued
\n2 003 817 745 ordinary shares N (2022: 2 073 643 605)
114
114
\n4 456 650 ordinary shares A1 (2022: 4 456 650)
1
1
\n1 128 507 756 ordinary shares B (2022: 1 128 507 756)
62
62
\n177
177
\nShare premium
39 009
39 013
\n39 186
39 190
\nTreasury shares
(10 043)
(6 411)
\n29 143
32 779
\nEquity compensation plans administered by Naspers group share trusts hold 5 975 966 (2022: 4 543 614) of the ordinary shares
\nN issued.
\nOn 27 June 2022, the group announced the beginning of an open-ended repurchase programme of Prosus ordinary shares N
\nand Naspers N ordinary shares. The accounting for the share repurchase programme takes into consideration the cross-holding
\nagreement between Prosus and Naspers and is implemented in accordance with the applicable laws and regulations as well as
\nthe authority granted by shareholders.
\nVoluntary share exchange transaction
\nIn August 2021, Prosus completed a voluntary share exchange transaction with Naspers shareholders. This o\ufb00ered Naspers
\nshareholders the opportunity to tender their existing Naspers N ordinary shares for newly issued Prosus ordinary shares N.
\nSince the completion of the voluntary share exchange transaction, Prosus\u2019 interest in Naspers is accounted for based on the
\nsubstance of the transaction, taking into consideration the cross-holding agreement between Prosus and Naspers that became
\ne\ufb00ective simultaneously with the closing of the transaction.
\nThe cross-holding agreement mandates that Prosus waives all rights to all distributions (including dividend \ufb02ows) from its Naspers
\nshares held, other than the portion attributable to the residual interest in the Naspers group (primarily Takealot, Media24 and
\ncorporate entities).
\nBased on the substance of this cross-holding agreement, the portion of Prosus\u2019 interest in Naspers attributable to the residual
\ninterest in the Naspers group is recognised as a \ufb01nancial asset at fair value through other comprehensive income (FVOCI). The
\nportion of the interest in Naspers that relates to Prosus\u2019 underlying investments is accounted for as a shareholder distribution. This
\nis recognised in equity in the \u2018Business combination reserve\u2019. This portion of the transaction is therefore treated as a transaction
\nwith shareholders in contemplation of a capital restructure.
\nAs at 31 March 2023, Prosus now holds a 52.5% (2022: 49.5%) fully diluted interest representing a 52.7% (2022: 49.9%) economic
\ninterest in Naspers.
\n\n
\n
\n
\n\n\nShare repurchase programme
\nPurchase of Naspers N ordinary shares
\nAs part of the repurchase programme, during the current year, Prosus purchased 4 152 285 Naspers N ordinary shares for a total
\nconsideration of US$626m.
\nThe Naspers N ordinary shares acquired by the group are subject to the cross-holding agreement. The consideration paid for
\nNaspers N ordinary shares representing the increase in Prosus residual interest in Naspers was recognised as a FVOCI
\ninvestment with the remaining portion representing the value of Prosus\u2019 underlying investments being recognised in equity.
\nThe group recognised US$10m of the consideration as a FVOCI investment and the remaining US$616m in \u2018Existing control
\nbusiness combination reserve\u2019 in equity.
\nRepurchase of Prosus ordinary shares N
\nAs part of the repurchase programme, Prosus repurchased 152 797 117 Prosus ordinary shares N for a total consideration of
\nUS$10.0bn, of which US$9.9bn was paid in cash.
\nIn the prior year, Prosus repurchased 57 951 367 Prosus ordinary shares N for a total consideration of US$5.0bn from its free-\ufb02oat
\nshareholders in support of delivering the overall bene\ufb01ts of the Prosus share exchange o\ufb00er to Naspers Limited N ordinary
\nshareholders completed on 16 August 2021.
\nThe Prosus ordinary shares N acquired by the group are classi\ufb01ed as treasury shares. These are recognised in \u2018Treasury shares\u2019
\non the consolidated statement of \ufb01nancial position. The treasury shares were recognised at a cost of US$10.0bn. The group
\nintends to cancel the Prosus shares repurchased in due course once the relevant approvals have been obtained, so as to reduce
\nits issued share capital.
\nTreasury shares
\nThe group holds a total of 152 797 117 ordinary shares N (2022: 69 825 860), or 7.63% (2022: 3.37%), of the gross number of
\nordinary shares N in issue at 31 March 2023 as treasury shares. The group will hold these treasury shares until they are cancelled.
\nFor withholding tax purposes for these shares repurchased, the company \ufb01nancial statements of Prosus N.V. are leading.
\nDuring the current year, the group cancelled 69 825 860 ordinary shares N.
\nVoting and dividend rights
\nThe company\u2019s issued share capital at 31 March 2023 consists of 4 456 650 (2022: 4 456 650) ordinary shares A1, 1 128 507 756
\nordinary shares B (2022: 1 128 507 756) and 2 003 817 745 (2022: 2 073 643 605) ordinary shares N.
\nThe ordinary shares N are listed on the Euronext Amsterdam stock exchange with a secondary listing on the JSE and A2X
\nmarkets, on a poll, carry one vote per share. The ordinary shares A1 and B are not listed on a stock exchange and, on a poll,
\ncarry one vote per share. The ordinary shares A1 automatically convert to ordinary shares A2 carrying 1 000 votes per share, if
\nNaspers makes, or is obliged to make, a \ufb01ling with the Netherlands Authority for the Financial Markets that it ceases to be
\nentitled to exercise at least 50% plus one vote of the total number of voting rights that may be exercised at a general meeting.
\nIn terms of Prosus\u2019 articles of association, ordinary shareholders N are entitled to dividends. The dividends declared to ordinary
\nshareholders A are equal to one \ufb01fth of the dividends to which Prosus\u2019 free-\ufb02oat ordinary shareholders N are entitled. The
\ndividends declared to ordinary shareholders B are equal to one millionth of the dividends to which Prosus\u2019 free-\ufb02oat ordinary
\nshareholders N are entitled.
\nIn respect of all other rights, the ordinary shares A and B rank pari passu with the ordinary shares N of the company.
\nShare capital and share premium
\nRefer to the company \ufb01nancial statements for a reconciliation of group equity to the company\u2019s equity. Signi\ufb01cant di\ufb00erences from
\nthe equity of the company arise from the accounting treatment of the restructuring that occurred upon formation of the Prosus
\ngroup.
\n\n
\n\n
Unissued share capital
\nThe directors of the company have authority, until the next annual general meeting, to allot and issue the unissued 2 996 182 255
\nordinary shares N, 5 543 350 A1, 10 000 A2 ordinary shares and 1 871 492 244 B ordinary shares of the company. This authority
\nwas granted by the Netherlands Authority for the Financial Markets subject to the provisions of the Dutch Civil Code (
Burgerlijk
\nWetboek
), other applicable Dutch laws and regulations and any other exchange on which the shares of the company may be
\nquoted or listed from time to time.
\n2023
\nNumber of
\nshares N
\n2022
\nNumber of
\nshares N
\nMovement in ordinary shares N in issue during the year
\nOrdinary shares N in issue at 1 April
2 073 643 605
1 624 652 070
\nOrdinary shares cancelled
(69 825 860)
\u2013
\nOrdinary shares N issued as part of the share exchange
\u2013
448 991 535
\nShares in issue at 31 March
2 003 817 745
2 073 643 605
\nMovement in ordinary shares held as treasury shares during the year
\nShares held as treasury shares at 1 April
69 825 860
11 874 493
\nOrdinary shares cancelled
(69 825 860)
\u2013
\nShares acquired under the share repurchase programme
152 797 117
57 951 367
\nShares held as treasury shares at 31 March
152 797 117
69 825 860
\nNet number of ordinary shares in issue at 31 March
1 851 020 628
2 003 817 745
\nCapital management
\nThe group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern so that it can continue
\nto provide adequate returns to shareholders and bene\ufb01ts for other stakeholders by pricing products and services commensurately
\nwith the level of risk.
\nThe group relies upon distributions, including dividends, from its subsidiaries, associates and joint ventures to generate the funds
\nnecessary to meet the obligations and other cash \ufb02ow requirements of the combined group. The operations of the group have
\nhistorically been funded in a number of ways, including both debt and equity \ufb01nancing. Recent acquisitions were primarily funded
\nthrough debt \ufb01nancing. The group\u2019s businesses are beginning to scale and accordingly, they are expected to become cash
\ngenerative and able to sustain their operating capital requirements. The group received US$565m (2022: US$571m) in cash
\ndividends from Tencent during the year.
\nThe group\u2019s general business strategy is to acquire developing businesses and to provide funding to meet the cash needs of
\nthose businesses until they can, within a reasonable period of time, become self-funding. Funding is provided through a
\ncombination of loans and share capital, depending on the country-speci\ufb01c regulatory requirements. From a subsidiary\u2019s
\nperspective, intergroup loan funding is generally considered to be part of the capital structure. The focus on increased pro\ufb01tability
\nand cash \ufb02ow generation will continue into the foreseeable future, although the group will continue to actively evaluate potential
\ngrowth opportunities within its areas of expertise.
\nThe group will also grow its business in the future by making equity investments in growth companies. The group anticipates
\nthat\u00a0it\u00a0may fund future acquisitions and investments through the issue of debt and equity instruments and utilisation of available
\ncash resources.
\n
\n
\n
\n
\n\n\n\nThe group follows a risk-based approach to the determination of the optimal capital structure. The group manages the capital
\nstructure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying
\nassets. In order to maintain or modify the capital structure, the group may adjust the amount of dividends paid to shareholders,
\nreturn capital to shareholders, issue new shares or sell assets to reduce debt.
\nBelow is a summary of the group bonds in issue for the year ended 31 March 2023:
\nCurrency of
\nyear-end
\nbalance
Listing date
\n1
\nYear of
\n\ufb01nal
\nrepayment
\nFixed
\ninterest rate
\nInterest
\npayments
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nUS$
Jul 2015
2025
5.50%
Semi-annual
225
225
\nUS$
Jul 2017
2027
4.85%
Semi-annual
614
614
\nUS$
Jan 2020
2030
3.68%
Semi-annual
1 250
1 250
\nEUR
Aug 2020
2028
1.54%
Annual
921
942
\nEUR
Aug 2020
2032
2.03%
Annual
813
829
\nUS$
Aug 2020
2050
4.03%
Semi-annual
1 000
1 000
\nUS$
Dec 2020
2051
3.83%
Semi-annual
1 500
1 500
\nUS$
Jul 2021
2031
3.06%
Semi-annual
1 850
1 850
\nEUR
Jul 2021
2033
1.99%
Annual
921
940
\nEUR
Jul 2021
2029
1.29%
Annual
1 084
1 108
\nUS$
Jan 2022
2052
4.99%
Semi-annual
1 250
1 250
\nUS$
Jan 2022
2032
4.19%
Semi-annual
1 000
1 000
\nUS$
Jan 2022
2027
3.26%
Semi-annual
1 000
1 000
\nEUR
Jan 2022
2034
2.78%
Annual
705
719
\nEUR
Jan 2022
2030
2.09%
Annual
650
664
\nEUR
Jan 2022
2026
1.21%
Annual
543
553
\n15 326
15 444
\n1 The publicly traded bonds are listed on the Irish Stock Exchange (Euronext Dublin).
\nBonds issued during the year ended 31 March 2022
\nIn January 2022 the group issued US dollar and euro notes in an aggregate principal amount totalling US$5.3bn equivalent under
\nits Global Medium-term Note Programme. These issuances consist of US$1.3bn 4.987% notes due 2052, US$1.0bn 4.193% note
\ndue 2032, US$1.0bn 3.257% note due 2027, \u20ac650m 2.778% notes due 2034, \u20ac600m 2.085% notes due 2030 and \u20ac500m 1.207%
\nnotes due 2026 (the \u2018bonds\u2019).
\nIn July 2021 the group issued US dollar and euro notes in an aggregate principal amount totalling US$4.0bn equivalent under its
\nGlobal Medium-term Note Programme. These issuances consist of US$1.85bn 3.061% notes due 2031, \u20ac1.0bn 1.288% notes due
\n2029 and \u20ac850m 1.985% notes due 2033 (the \u2018bonds\u2019).
\nThe favourable market backdrop enabled Prosus to extend its debt maturity pro\ufb01le as part of a re\ufb01nancing of its existing debt.
\nThe purpose of the o\ufb00erings was to raise proceeds for general corporate purposes, including debt re\ufb01nancing, which took the
\nform of a tender o\ufb00er made in relation to its bonds maturing in 2025 and 2027.
\nPart of the proceeds from the bond issuance was used to partly settle these two bonds. The 2025 bond consisted of US$1.2bn
\n5.5% notes and the 2027 bond consisted of US$1bn 4.85% notes. The early settlement of these bonds consisted of repayments of
\nprincipal, accrued interest and present value of the related future interest coupon payments at date of settlement. The group
\nsettled US$975m bond notes due in 2025 and US$386m bond notes due in 2027 for a total combined consideration of US$1.6bn.
\nThe di\ufb00erence between the market value of the future contractual payments and the carrying value of the note at amortised cost,
\nof US$217m (representing the market value premium) was recognised in \u2018Other \ufb01nance (costs)/income \u2013 net\u2019 in the consolidated
\nincome statement and as part of \u2019Repayments of long- and short-term loans\u2019 in the consolidated cash \ufb02ow statement.
\n\n\n\nUndrawn revolving credit facility
\nThe group has an undrawn revolving credit facility (RCF) of US$2.5bn of which US$2.4bn matures in March 2028 and US$95m
\nmatures in March 2027 with the option of an extension of one year. The RCF is undrawn and is denominated in US dollar and
\neuro and bears interest at a secured overnight \ufb01nancing rate (SOFR) plus a variable mark-up based on credit rating varying
\nbetween 0.65% and 1.10% (currently 0.80%) before commitment and utilisation fees.
\nThe borrower under the undrawn RCF of US$2.5bn (2022: undrawn balance of US$2.5bn) (refer to the group\u2019s unutilised banking
\nfacilities disclosed in note 40) is Prosus N.V. The borrower is obligated to pay a commitment fee equal to 35% of the applicable
\nmargin under the RCF. The undrawn balance of the RCF is available to fund future investments and development expenditure by
\nthe group.
\nThe group has speci\ufb01c \ufb01nancial covenants in place to govern its RCF, all of which were complied with during the reporting period.
\nThese \ufb01nancial covenants are linked to various \ufb01nancial metrics including the ratio of the group\u2019s debt to the value of its
\ninvestment portfolio.
\nNet interest-bearing debt-to-equity ratio
\nAs of 31 March 2023, the group had total interest-bearing debt (including capitalised lease liabilities) of US$16.1bn (2022:
\nUS$16.1bn) and a cash balance including short-term cash investments of US$16.2bn (2022: US$13.6bn). The net interest-bearing
\ndebt-to-equity ratio was 0% at 31 March 2023 (31 March 2022: positive 5%) due to the group\u2019s cash position and accumulated
\nequity reserves. The group excludes capitalised lease liabilities from total interest-bearing debt when evaluating and managing
\ncapital. These items are considered to be operating in nature. The adjusted total interest-bearing debt (excluding capitalised
\nlease liabilities) was US$15.9bn (2022: US$15.8bn) and the adjusted net interest-bearing debt-to-equity ratio was negative 1% at
\n31 March 2023 (2022: 4%). The group does not have a formal targeted debt-equity ratio.
\nThe group\u2019s listed bonds are rated by Moody\u2019s and Standard & Poor\u2019s (S&P) as Baa3 and BBB and have a stable and positive
\noutlook respectively.
\n24.
Other reserves
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOther reserves in the statement of \ufb01nancial position comprise:
\nForeign currency translation reserve
(1 990)
(358)
\nValuation reserve
(1 929)
65
\nExisting control business combination reserve (BCR)
(45 681)
(43 487)
\nShare-based compensation reserve
3 844
3 223
\n(45 756)
(40 557)
\nForeign currency translation reserve
\nThe foreign currency translation reserve relates to exchange di\ufb00erences arising on the translation of foreign operations\u2019 income
\nstatements and statements of comprehensive income at average exchange rates for the year and their statements of \ufb01nancial
\nposition at the ruling exchange rates at the reporting date if the functional currency di\ufb00ers from the group\u2019s presentation currency.
\nThe movement on the foreign currency translation reserve for the year relates primarily to the e\ufb00ects of foreign exchange rate
\n\ufb02uctuations related to the group\u2019s net investments in its subsidiaries.
\n
\n
\n\n
\n\n\nValuation reserve
\nThe valuation reserve relates to fair value changes in \ufb01nancial assets at fair value through other comprehensive income,
\ndi\ufb00erences between the fair value and the contractually stipulated value of shares issued in business combinations and other
\nacquisitions. Furthermore, the valuation reserve includes the group\u2019s share of equity-accounted investees\u2019 revaluations of their
\n\ufb01nancial assets at fair value through other comprehensive income and other changes in net asset value of the equity-accounted
\ninvestees.
\nOther changes in net assets of the associate and joint ventures include changes in their share-based compensation reserve,
\ntransactions with non-controlling shareholders and other direct equity movements. The components of the valuation reserve may
\nsubsequently be reclassi\ufb01ed to pro\ufb01t or loss except for fair value gains or loss relating to the group\u2019s \ufb01nancial assets at fair value
\nthrough other comprehensive income, fair value gains or losses from equity-accounted investments\u2019 \ufb01nancial assets at fair value
\nthrough other comprehensive income and other direct reserve movements of equity-accounted investments.
\nShare-based compensation reserve
\nThe grant date fair value of share incentives issued to employees in equity-settled share-based payment transactions is accounted
\nfor in the share-based compensation reserve over the vesting period, if any. The reserve is adjusted at each reporting period
\nwhen the entity revises its estimates of the number of share incentives that are expected to vest. The impact of revisions of
\noriginal estimates, if any, is recognised in the consolidated income statement, with a corresponding adjustment to this reserve in
\nequity. Upon settlement of share based compensation bene\ufb01ts, the reserve is reclassi\ufb01ed to retained earnings.
\nA signi\ufb01cant proportion of the group\u2019s foreign currency translation, valuation and share-based compensation reserves relates to
\nthe group\u2019s interests in its equity-accounted investments, particularly Tencent.
\nExisting control business combination reserve
\nThe existing control business combination reserve is used to account for transactions with non-controlling shareholders, written put
\noption liabilities and the capital restructure related to the voluntary share exchange transaction. For transactions with non-
\ncontrolling shareholders, the excess of the cost of the transactions over the acquirer\u2019s proportionate share of the net asset value
\nacquired/sold is allocated to this reserve in equity. Written put option liabilities and other obligations that may require the group
\nto purchase its own equity instruments by delivering cash or another \ufb01nancial asset are also initially recognised from this reserve.
\nSimilarly, written put option liabilities and other similar obligations are reclassi\ufb01ed to this reserve in the event of cancellation or
\nexpiry. As part of the voluntary exchange transaction, Prosus obtained an interest in Naspers. Based on the substance of the
\ntransaction, the portion of the interest in Naspers that relates to Prosus\u2019 underlying investments is accounted for as a shareholder
\ndistribution. This portion is recognised in this reserve. It represents a transaction with shareholders in contemplation of a capital
\nrestructure.
\nBelow is a summary of the group\u2019s signi\ufb01cant transactions with non-controlling shareholders during the year:
\n31 March 2023
31 March 2022
\nShareholding
\nacquired/
\n(disposed)
\n%
\nPurchase
\nprice
\nUS$\u2019m
\nBCR
\nUS$\u2019m
\nShareholding
\nacquired/
\n(disposed)
\n%
\nPurchase
\nprice
\nUS$\u2019m
\nBCR
\nUS$\u2019m
\niFood.com (iFood)
\n1
\n33.33%
1 626
(1 562)
\u2013
\u2013
\u2013
\nRed Dot Payment Pte Ltd
22.45%
17
(17)
\u2013
\u2013
\u2013
\nCarsmile S.A
34.40%
14
(14)
\u2013
\u2013
\u2013
\nDante International Kft (eMAG)
0.51%
9
(9)
\u2013
\u2013
\u2013
\nMovile Mobile Commerce Holdings S.L.
\u2013
\u2013
\u2013
0.68%
43
(4)
\nFrontier Car Group Inc.
\u2013
\u2013
\u2013
9.30%
61
(59)
\nZoop S.A.
\u2013
\u2013
\u2013
20.12%
24
(32)
\n1 666
(1 602)
128
(95)
\n1 Purchase price for this transaction includes the fair value of the contingent consideration on the date of the transaction. Refer to note 5.
\n\n
\n
\n
25.
Retained earnings
\nThe board recommends that, in total, shareholders receive a distribution (in the form of a capital repayment for holders of
\nordinary shares N and a dividend for holders of ordinary shares B and ordinary shares A1) of approximately \u20ac175m, which
\ncurrently represents an increase of approximately 7% for free-\ufb02oat shareholders. Holders of ordinary shares B and ordinary
\nshares A1 will receive an amount per share equal to their economic entitlement as set out in the articles of association.
\nFurthermore, the board recommends that those holders of ordinary shares N as at 3 November 2023 (the dividend record date)
\nwho do not wish to receive a capital repayment, can choose to receive a dividend instead. A choice for one option implies an
\nopt-out from the other. If con\ufb01rmed by shareholders at the annual general meeting on 23 August 2023, elections to receive a
\ndividend instead of a capital repayment will need to be made by holders of ordinary shares N by 20 November 2023. More
\ninformation regarding the distribution will be published in the notice of annual general meeting.
\nCapital repayments and dividends will be payable to shareholders recorded in our books on the dividend record date and paid
\non 28 November 2023. Capital repayments will be paid from qualifying share capital for Dutch tax purposes. No dividend
\nwithholding tax will be withheld on the amounts of capital reductions paid to shareholders. However, if holders of ordinary
\nshares\u00a0N rather elect to receive a dividend from retained earnings, dividends will be subject to the Dutch dividend withholding
\ntax\u00a0rate of 15%.
\nDividends payable to holders of ordinary shares N who elect to receive a dividend and who hold their listed ordinary shares N
\nthrough the listing of the company on the JSE will, in addition to the 15% Dutch dividend withholding tax, be subject to South
\nAfrican dividend tax at a rate of up to 20%. The amount of additional South African dividend tax will be calculated by deducting
\nfrom the 20%, a rebate equal to the Dutch dividend tax paid in respect of the dividend (without right of recovery). Shareholders
\nholding their listed ordinary shares N through the listing of the company on the JSE, unless exempt from paying South African
\ndividend tax or entitled to a reduced withholding tax rate in terms of an applicable tax treaty, will be subject to a maximum of
\n20% South African dividend tax.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26987": {
"value": "Purchase of Naspers N ordinary shares As part of the repurchase programme, during the current year, Prosus purchased 4 152 285 Naspers N ordinary shares for a total
\nconsideration of US$626m.
\nThe Naspers N ordinary shares acquired by the group are subject to the cross-holding agreement. The consideration paid for
\nNaspers N ordinary shares representing the increase in Prosus residual interest in Naspers was recognised as a FVOCI
\ninvestment with the remaining portion representing the value of Prosus\u2019 underlying investments being recognised in equity.
\nThe group recognised US$10m of the consideration as a FVOCI investment and the remaining US$616m in \u2018Existing control
\nbusiness combination reserve\u2019 in equity.
\nRepurchase of Prosus ordinary shares N
\nAs part of the repurchase programme, Prosus repurchased 152 797 117 Prosus ordinary shares N for a total consideration of
\nUS$10.0bn, of which US$9.9bn was paid in cash.
\nIn the prior year, Prosus repurchased 57 951 367 Prosus ordinary shares N for a total consideration of US$5.0bn from its free-\ufb02oat
\nshareholders in support of delivering the overall bene\ufb01ts of the Prosus share exchange o\ufb00er to Naspers Limited N ordinary
\nshareholders completed on 16 August 2021.
\nThe Prosus ordinary shares N acquired by the group are classi\ufb01ed as treasury shares. These are recognised in \u2018Treasury shares\u2019
\non the consolidated statement of \ufb01nancial position. The treasury shares were recognised at a cost of US$10.0bn. The group
\nintends to cancel the Prosus shares repurchased in due course once the relevant approvals have been obtained, so as to reduce
\nits issued share capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27008": {
"value": "Treasury shares The group holds a total of 152 797 117 ordinary shares N (2022: 69 825 860), or 7.63% (2022: 3.37%), of the gross number of
\nordinary shares N in issue at 31 March 2023 as treasury shares. The group will hold these treasury shares until they are cancelled.
\nFor withholding tax purposes for these shares repurchased, the company \ufb01nancial statements of Prosus N.V. are leading.
\nDuring the current year, the group cancelled 69 825 860 ordinary shares N.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27015": {
"value": "Voting and dividend rights
\nThe company\u2019s issued share capital at 31 March 2023 consists of 4 456 650 (2022: 4 456 650) ordinary shares A1, 1 128 507 756
\nordinary shares B (2022: 1 128 507 756) and 2 003 817 745 (2022: 2 073 643 605) ordinary shares N.
\nThe ordinary shares N are listed on the Euronext Amsterdam stock exchange with a secondary listing on the JSE and A2X
\nmarkets, on a poll, carry one vote per share. The ordinary shares A1 and B are not listed on a stock exchange and, on a poll,
\ncarry one vote per share. The ordinary shares A1 automatically convert to ordinary shares A2 carrying 1 000 votes per share, if
\nNaspers makes, or is obliged to make, a \ufb01ling with the Netherlands Authority for the Financial Markets that it ceases to be
\nentitled to exercise at least 50% plus one vote of the total number of voting rights that may be exercised at a general meeting.
\nIn terms of Prosus\u2019 articles of association, ordinary shareholders N are entitled to dividends. The dividends declared to ordinary
\nshareholders A are equal to one \ufb01fth of the dividends to which Prosus\u2019 free-\ufb02oat ordinary shareholders N are entitled. The
\ndividends declared to ordinary shareholders B are equal to one millionth of the dividends to which Prosus\u2019 free-\ufb02oat ordinary
\nshareholders N are entitled.
\nIn respect of all other rights, the ordinary shares A and B rank pari passu with the ordinary shares N of the company.
The board recommends that, in total, shareholders receive a distribution (in the form of a capital repayment for holders of
\nordinary shares N and a dividend for holders of ordinary shares B and ordinary shares A1) of approximately \u20ac175m, which
\ncurrently represents an increase of approximately 7% for free-\ufb02oat shareholders. Holders of ordinary shares B and ordinary
\nshares A1 will receive an amount per share equal to their economic entitlement as set out in the articles of association.
\nFurthermore, the board recommends that those holders of ordinary shares N as at 3 November 2023 (the dividend record date)
\nwho do not wish to receive a capital repayment, can choose to receive a dividend instead. A choice for one option implies an
\nopt-out from the other. If con\ufb01rmed by shareholders at the annual general meeting on 23 August 2023, elections to receive a
\ndividend instead of a capital repayment will need to be made by holders of ordinary shares N by 20 November 2023. More
\ninformation regarding the distribution will be published in the notice of annual general meeting.
\nCapital repayments and dividends will be payable to shareholders recorded in our books on the dividend record date and paid
\non 28 November 2023. Capital repayments will be paid from qualifying share capital for Dutch tax purposes. No dividend
\nwithholding tax will be withheld on the amounts of capital reductions paid to shareholders. However, if holders of ordinary
\nshares\u00a0N rather elect to receive a dividend from retained earnings, dividends will be subject to the Dutch dividend withholding
\ntax\u00a0rate of 15%.
\nDividends payable to holders of ordinary shares N who elect to receive a dividend and who hold their listed ordinary shares N
\nthrough the listing of the company on the JSE will, in addition to the 15% Dutch dividend withholding tax, be subject to South
\nAfrican dividend tax at a rate of up to 20%. The amount of additional South African dividend tax will be calculated by deducting
\nfrom the 20%, a rebate equal to the Dutch dividend tax paid in respect of the dividend (without right of recovery). Shareholders
\nholding their listed ordinary shares N through the listing of the company on the JSE, unless exempt from paying South African
\ndividend tax or entitled to a reduced withholding tax rate in terms of an applicable tax treaty, will be subject to a maximum of
\n20% South African dividend tax.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27101": {
"value": "Capital management The group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern so that it can continue
\nto provide adequate returns to shareholders and bene\ufb01ts for other stakeholders by pricing products and services commensurately
\nwith the level of risk.
\nThe group relies upon distributions, including dividends, from its subsidiaries, associates and joint ventures to generate the funds
\nnecessary to meet the obligations and other cash \ufb02ow requirements of the combined group. The operations of the group have
\nhistorically been funded in a number of ways, including both debt and equity \ufb01nancing. Recent acquisitions were primarily funded
\nthrough debt \ufb01nancing. The group\u2019s businesses are beginning to scale and accordingly, they are expected to become cash
\ngenerative and able to sustain their operating capital requirements. The group received US$565m (2022: US$571m) in cash
\ndividends from Tencent during the year.
\nThe group\u2019s general business strategy is to acquire developing businesses and to provide funding to meet the cash needs of
\nthose businesses until they can, within a reasonable period of time, become self-funding. Funding is provided through a
\ncombination of loans and share capital, depending on the country-speci\ufb01c regulatory requirements. From a subsidiary\u2019s
\nperspective, intergroup loan funding is generally considered to be part of the capital structure. The focus on increased pro\ufb01tability
\nand cash \ufb02ow generation will continue into the foreseeable future, although the group will continue to actively evaluate potential
\ngrowth opportunities within its areas of expertise.
\nThe group will also grow its business in the future by making equity investments in growth companies. The group anticipates
\nthat\u00a0it\u00a0may fund future acquisitions and investments through the issue of debt and equity instruments and utilisation of available
\ncash resources.
\n
\n
\n
\n
\n\n\n\nThe group follows a risk-based approach to the determination of the optimal capital structure. The group manages the capital
\nstructure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying
\nassets. In order to maintain or modify the capital structure, the group may adjust the amount of dividends paid to shareholders,
\nreturn capital to shareholders, issue new shares or sell assets to reduce debt.
\nBelow is a summary of the group bonds in issue for the year ended 31 March 2023:
\nCurrency of
\nyear-end
\nbalance
Listing date
\n1
\nYear of
\n\ufb01nal
\nrepayment
\nFixed
\ninterest rate
\nInterest
\npayments
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nUS$
Jul 2015
2025
5.50%
Semi-annual
225
225
\nUS$
Jul 2017
2027
4.85%
Semi-annual
614
614
\nUS$
Jan 2020
2030
3.68%
Semi-annual
1 250
1 250
\nEUR
Aug 2020
2028
1.54%
Annual
921
942
\nEUR
Aug 2020
2032
2.03%
Annual
813
829
\nUS$
Aug 2020
2050
4.03%
Semi-annual
1 000
1 000
\nUS$
Dec 2020
2051
3.83%
Semi-annual
1 500
1 500
\nUS$
Jul 2021
2031
3.06%
Semi-annual
1 850
1 850
\nEUR
Jul 2021
2033
1.99%
Annual
921
940
\nEUR
Jul 2021
2029
1.29%
Annual
1 084
1 108
\nUS$
Jan 2022
2052
4.99%
Semi-annual
1 250
1 250
\nUS$
Jan 2022
2032
4.19%
Semi-annual
1 000
1 000
\nUS$
Jan 2022
2027
3.26%
Semi-annual
1 000
1 000
\nEUR
Jan 2022
2034
2.78%
Annual
705
719
\nEUR
Jan 2022
2030
2.09%
Annual
650
664
\nEUR
Jan 2022
2026
1.21%
Annual
543
553
\n15 326
15 444
\n1 The publicly traded bonds are listed on the Irish Stock Exchange (Euronext Dublin).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27310": {
"value": "Bonds issued during the year ended 31 March 2022 In January 2022 the group issued US dollar and euro notes in an aggregate principal amount totalling US$5.3bn equivalent under
\nits Global Medium-term Note Programme. These issuances consist of US$1.3bn 4.987% notes due 2052, US$1.0bn 4.193% note
\ndue 2032, US$1.0bn 3.257% note due 2027, \u20ac650m 2.778% notes due 2034, \u20ac600m 2.085% notes due 2030 and \u20ac500m 1.207%
\nnotes due 2026 (the \u2018bonds\u2019).
\nIn July 2021 the group issued US dollar and euro notes in an aggregate principal amount totalling US$4.0bn equivalent under its
\nGlobal Medium-term Note Programme. These issuances consist of US$1.85bn 3.061% notes due 2031, \u20ac1.0bn 1.288% notes due
\n2029 and \u20ac850m 1.985% notes due 2033 (the \u2018bonds\u2019).
\nThe favourable market backdrop enabled Prosus to extend its debt maturity pro\ufb01le as part of a re\ufb01nancing of its existing debt.
\nThe purpose of the o\ufb00erings was to raise proceeds for general corporate purposes, including debt re\ufb01nancing, which took the
\nform of a tender o\ufb00er made in relation to its bonds maturing in 2025 and 2027.
\nPart of the proceeds from the bond issuance was used to partly settle these two bonds. The 2025 bond consisted of US$1.2bn
\n5.5% notes and the 2027 bond consisted of US$1bn 4.85% notes. The early settlement of these bonds consisted of repayments of
\nprincipal, accrued interest and present value of the related future interest coupon payments at date of settlement. The group
\nsettled US$975m bond notes due in 2025 and US$386m bond notes due in 2027 for a total combined consideration of US$1.6bn.
\nThe di\ufb00erence between the market value of the future contractual payments and the carrying value of the note at amortised cost,
\nof US$217m (representing the market value premium) was recognised in \u2018Other \ufb01nance (costs)/income \u2013 net\u2019 in the consolidated
\nincome statement and as part of \u2019Repayments of long- and short-term loans\u2019 in the consolidated cash \ufb02ow statement.
\n\n\nUndrawn revolving credit facility
\nThe group has an undrawn revolving credit facility (RCF) of US$2.5bn of which US$2.4bn matures in March 2028 and US$95m
\nmatures in March 2027 with the option of an extension of one year. The RCF is undrawn and is denominated in US dollar and
\neuro and bears interest at a secured overnight \ufb01nancing rate (SOFR) plus a variable mark-up based on credit rating varying
\nbetween 0.65% and 1.10% (currently 0.80%) before commitment and utilisation fees.
\nThe borrower under the undrawn RCF of US$2.5bn (2022: undrawn balance of US$2.5bn) (refer to the group\u2019s unutilised banking
\nfacilities disclosed in note 40) is Prosus N.V. The borrower is obligated to pay a commitment fee equal to 35% of the applicable
\nmargin under the RCF. The undrawn balance of the RCF is available to fund future investments and development expenditure by
\nthe group.
\nThe group has speci\ufb01c \ufb01nancial covenants in place to govern its RCF, all of which were complied with during the reporting period.
\nThese \ufb01nancial covenants are linked to various \ufb01nancial metrics including the ratio of the group\u2019s debt to the value of its
\ninvestment portfolio.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27380": {
"value": "24. Other reserves
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOther reserves in the statement of \ufb01nancial position comprise:
\nForeign currency translation reserve
(1 990)
(358)
\nValuation reserve
(1 929)
65
\nExisting control business combination reserve (BCR)
(45 681)
(43 487)
\nShare-based compensation reserve
3 844
3 223
\n(45 756)
(40 557)
\nForeign currency translation reserve
\nThe foreign currency translation reserve relates to exchange di\ufb00erences arising on the translation of foreign operations\u2019 income
\nstatements and statements of comprehensive income at average exchange rates for the year and their statements of \ufb01nancial
\nposition at the ruling exchange rates at the reporting date if the functional currency di\ufb00ers from the group\u2019s presentation currency.
\nThe movement on the foreign currency translation reserve for the year relates primarily to the e\ufb00ects of foreign exchange rate
\n\ufb02uctuations related to the group\u2019s net investments in its subsidiaries.
\n
\n
\n\n
\n\n\nValuation reserve
\nThe valuation reserve relates to fair value changes in \ufb01nancial assets at fair value through other comprehensive income,
\ndi\ufb00erences between the fair value and the contractually stipulated value of shares issued in business combinations and other
\nacquisitions. Furthermore, the valuation reserve includes the group\u2019s share of equity-accounted investees\u2019 revaluations of their
\n\ufb01nancial assets at fair value through other comprehensive income and other changes in net asset value of the equity-accounted
\ninvestees.
\nOther changes in net assets of the associate and joint ventures include changes in their share-based compensation reserve,
\ntransactions with non-controlling shareholders and other direct equity movements. The components of the valuation reserve may
\nsubsequently be reclassi\ufb01ed to pro\ufb01t or loss except for fair value gains or loss relating to the group\u2019s \ufb01nancial assets at fair value
\nthrough other comprehensive income, fair value gains or losses from equity-accounted investments\u2019 \ufb01nancial assets at fair value
\nthrough other comprehensive income and other direct reserve movements of equity-accounted investments.
\nShare-based compensation reserve
\nThe grant date fair value of share incentives issued to employees in equity-settled share-based payment transactions is accounted
\nfor in the share-based compensation reserve over the vesting period, if any. The reserve is adjusted at each reporting period
\nwhen the entity revises its estimates of the number of share incentives that are expected to vest. The impact of revisions of
\noriginal estimates, if any, is recognised in the consolidated income statement, with a corresponding adjustment to this reserve in
\nequity. Upon settlement of share based compensation bene\ufb01ts, the reserve is reclassi\ufb01ed to retained earnings.
\nA signi\ufb01cant proportion of the group\u2019s foreign currency translation, valuation and share-based compensation reserves relates to
\nthe group\u2019s interests in its equity-accounted investments, particularly Tencent.
\nExisting control business combination reserve
\nThe existing control business combination reserve is used to account for transactions with non-controlling shareholders, written put
\noption liabilities and the capital restructure related to the voluntary share exchange transaction. For transactions with non-
\ncontrolling shareholders, the excess of the cost of the transactions over the acquirer\u2019s proportionate share of the net asset value
\nacquired/sold is allocated to this reserve in equity. Written put option liabilities and other obligations that may require the group
\nto purchase its own equity instruments by delivering cash or another \ufb01nancial asset are also initially recognised from this reserve.
\nSimilarly, written put option liabilities and other similar obligations are reclassi\ufb01ed to this reserve in the event of cancellation or
\nexpiry. As part of the voluntary exchange transaction, Prosus obtained an interest in Naspers. Based on the substance of the
\ntransaction, the portion of the interest in Naspers that relates to Prosus\u2019 underlying investments is accounted for as a shareholder
\ndistribution. This portion is recognised in this reserve. It represents a transaction with shareholders in contemplation of a capital
\nrestructure.
\nBelow is a summary of the group\u2019s signi\ufb01cant transactions with non-controlling shareholders during the year:
\n31 March 2023
31 March 2022
\nShareholding
\nacquired/
\n(disposed)
\n%
\nPurchase
\nprice
\nUS$\u2019m
\nBCR
\nUS$\u2019m
\nShareholding
\nacquired/
\n(disposed)
\n%
\nPurchase
\nprice
\nUS$\u2019m
\nBCR
\nUS$\u2019m
\niFood.com (iFood)
\n1
\n33.33%
1 626
(1 562)
\u2013
\u2013
\u2013
\nRed Dot Payment Pte Ltd
22.45%
17
(17)
\u2013
\u2013
\u2013
\nCarsmile S.A
34.40%
14
(14)
\u2013
\u2013
\u2013
\nDante International Kft (eMAG)
0.51%
9
(9)
\u2013
\u2013
\u2013
\nMovile Mobile Commerce Holdings S.L.
\u2013
\u2013
\u2013
0.68%
43
(4)
\nFrontier Car Group Inc.
\u2013
\u2013
\u2013
9.30%
61
(59)
\nZoop S.A.
\u2013
\u2013
\u2013
20.12%
24
(32)
\n1 666
(1 602)
128
(95)
\n1 Purchase price for this transaction includes the fair value of the contingent consideration on the date of the transaction. Refer to note 5.
\n\n
\n
\n
25.
Retained earnings
\nThe board recommends that, in total, shareholders receive a distribution (in the form of a capital repayment for holders of
\nordinary shares N and a dividend for holders of ordinary shares B and ordinary shares A1) of approximately \u20ac175m, which
\ncurrently represents an increase of approximately 7% for free-\ufb02oat shareholders. Holders of ordinary shares B and ordinary
\nshares A1 will receive an amount per share equal to their economic entitlement as set out in the articles of association.
\nFurthermore, the board recommends that those holders of ordinary shares N as at 3 November 2023 (the dividend record date)
\nwho do not wish to receive a capital repayment, can choose to receive a dividend instead. A choice for one option implies an
\nopt-out from the other. If con\ufb01rmed by shareholders at the annual general meeting on 23 August 2023, elections to receive a
\ndividend instead of a capital repayment will need to be made by holders of ordinary shares N by 20 November 2023. More
\ninformation regarding the distribution will be published in the notice of annual general meeting.
\nCapital repayments and dividends will be payable to shareholders recorded in our books on the dividend record date and paid
\non 28 November 2023. Capital repayments will be paid from qualifying share capital for Dutch tax purposes. No dividend
\nwithholding tax will be withheld on the amounts of capital reductions paid to shareholders. However, if holders of ordinary
\nshares\u00a0N rather elect to receive a dividend from retained earnings, dividends will be subject to the Dutch dividend withholding
\ntax\u00a0rate of 15%.
\nDividends payable to holders of ordinary shares N who elect to receive a dividend and who hold their listed ordinary shares N
\nthrough the listing of the company on the JSE will, in addition to the 15% Dutch dividend withholding tax, be subject to South
\nAfrican dividend tax at a rate of up to 20%. The amount of additional South African dividend tax will be calculated by deducting
\nfrom the 20%, a rebate equal to the Dutch dividend tax paid in respect of the dividend (without right of recovery). Shareholders
\nholding their listed ordinary shares N through the listing of the company on the JSE, unless exempt from paying South African
\ndividend tax or entitled to a reduced withholding tax rate in terms of an applicable tax treaty, will be subject to a maximum of
\n20% South African dividend tax.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27465": {
"value": "Share-based compensation reserve
\nThe grant date fair value of share incentives issued to employees in equity-settled share-based payment transactions is accounted
\nfor in the share-based compensation reserve over the vesting period, if any. The reserve is adjusted at each reporting period
\nwhen the entity revises its estimates of the number of share incentives that are expected to vest. The impact of revisions of
\noriginal estimates, if any, is recognised in the consolidated income statement, with a corresponding adjustment to this reserve in
\nequity. Upon settlement of share based compensation bene\ufb01ts, the reserve is reclassi\ufb01ed to retained earnings.
\nA signi\ufb01cant proportion of the group\u2019s foreign currency translation, valuation and share-based compensation reserves relates to
\nthe group\u2019s interests in its equity-accounted investments, particularly Tencent.
The following share option and RSU plans were in operation during the \ufb01nancial year:
\nShare option plan/RSU plan
\nMaximum
\nawards
\npermissible
\n1
\nVesting
\nperiod
\n2
\nPeriod to
\nexpiry from
\ndate of o\ufb00er
\nIFRS 2
\nclassi\ufb01cation
\nNaspers group
\nNaspers Share Incentive Trust (Naspers)
Note 3
a
\n3
\n10 years
Equity-settled
\nMIH Holdings Share Trust (MIH Holdings)
Note 3
a
\n3
\n10 years
Equity-settled
\nMIH Internet Holdings B.V. Share Trust (MIH Internet)
Note 3
a
\n3
\n10 years
Equity-settled
\nNaspers Restricted Stock Plan Trust (Naspers RSU/PSU)
\n4
\nNote 3, 4
a
Note 5
Equity-settled
\nProsus N.V. Share Award Plan (Prosus RSU/PSU)
Note 7
a
Note 5
Equity-settled
\nProsus N.V. Share Option Plan (Prosus Options)
Note 7
a
10 years
Equity-settled
\nSocial and internet platforms
\nMIH Russia Internet B.V. Share Trust
10%
c
10 years
Equity-settled
\nEcommerce
\nFrontier Car Group (FCG) Share Trust Option Scheme
\n9
\n15%
e
10 years
Cash-settled
\niFood.com Share Option Scheme
12.5%
a
\n8
\n10 years
Cash-settled
\nMovile International Holdings B.V. and Movile Mobile
\nCommerce Holdings S.L. Joint Stock Option Plan and Movile
\nInternational Holdings B.V. Share Option Plan
15%
a
\n6
\n10 years
Cash-settled
\nDante International S.A. (eMAG) Share Option Scheme
15%
a
\n6
\n10 years
Equity-settled
\nRed Dot Payment Pte Ltd Options Scheme
20%
a
10 years
Cash-settled
\nZoop Holding Participa\u00e7\u00f5es S.A. Share Option Scheme
\n9
\n4 275 000
\nshares
a
10 years
Cash-settled
\nStack Exchange, Inc. 2010 Stock Plan
15%
f
10 years
Cash-settled
\nThe group provides detailed disclosure for those share option and RSU plans that are considered signi\ufb01cant to the \ufb01nancial
\nstatements.
\nNotes in relation to the group\u2019s share option and RSU plans:
\n1 The percentage re\ufb02ected in this column is the maximum percentage of the respective companies\u2019 issued share capital that is available for the plan. Where
\napplicable, the above percentage also includes the percentage of the underlying assets value allocated to other group schemes, including the Global schemes
\n(also see note 4 in relation to the group\u2019s share appreciation rights plans).
\n2 Vesting period: a One quarter vests after years one, two, three and four.
\nb One third vests after years three, four and \ufb01ve.
\nc
One \ufb01fth vests after years one, two, three, four and \ufb01ve.
\nd One third vests after years one, two and three.
\ne One quarter vests after year one and monthly thereafter over three years.
\nf
The vesting period shall be determined for each o\ufb00er letter individually provided that it shall not exceed 10 years.
\n3 At the Naspers annual general meeting held on 25 August 2017 a resolution was adopted by shareholders whereby the vesting period for options granted after
\n25\u00a0August 2017 would be one quarter vesting after years one, two, three and four. Options granted before 25 August 2017 vest over three, four and \ufb01ve years
\nrespectively. In addition, at the Naspers annual general meeting in August 2020, shareholders approved that up to 5% of the issued capital of Naspers may be
\ngranted in the Naspers RSU.
\n4 The Naspers Restricted Stock Plan Trust may issue no more than 200 000 RSU awards in aggregate during any one \ufb01nancial year. The number of PSUs that may be
\no\ufb00ered is at the discretion of the board.
\n5 Awards are automatically settled with participants on the vesting date.
\n6 For these schemes all o\ufb00ers made from 1 April 2018 vest over one, two, three and four years. All o\ufb00ers preceding this date vest over one, two, three, four and
\n\ufb01ve\u00a0years.
\n7 No more than 5% of the issued capital of Prosus N.V. may be granted in the Prosus RSU/PSU/Option plans.
\n8 For all options granted prior to September 2020, one \ufb01fth vests after years one, two, three, four and \ufb01ve.
\n9 These schemes relate to entities that are presented as disposal groups classi\ufb01ed as held for sale in the current year.
The following share appreciation rights plans were in operation during the \ufb01nancial year:
\nShare appreciation rights plans
\nMaximum
\nawards
\npermissible
\n1
\nVesting
\nperiod
\n2
\nPeriod to
\nexpiry from
\ndate of o\ufb00er
\nIFRS 2
\nclassi\ufb01cation
\nSocial and internet platforms
\nMIH China/MIH TC 2008 SAR Scheme
10%
b
\n3
\n10 years
Cash-settled
\nEcommerce
\nMIH Food Holdings B.V. SAR Scheme (Delivery Hero)
7.5%
b
10 years
Cash-settled
\nMIH India Food Holdings B.V. SAR Scheme (Swiggy)
10%
b
10 years
Cash-settled
\nCEE Classi\ufb01eds SAR Scheme
10%
c
10 years
Cash-settled
\nTokobagus Exploitatie B.V. SAR Scheme
15%
c
10 years
Cash-settled
\nMIH Payments Holdings B.V. SAR Scheme
15%
b
\n3
\n10 years
Cash-settled
\nPayU Credit B.V. SAR Scheme
15%
b
10 years
Cash-settled
\nPayU Global B.V. SAR Scheme
15%
b
\n3
\n10 years
Cash-settled
\nNaspers Global Classi\ufb01eds SAR Scheme
\n(Global Classi\ufb01eds)
Note 4
b
\n3
\n10 years
Cash-settled
\nNaspers Global Ecommerce SAR Scheme
\n(Global Ecommerce)
Note 4
b
\n3
\n10 years
Cash-settled
\nMIH Fintech Holdings B.V. SAR Scheme (Global Payments)
Note 4
b
10 years
Cash-settled
\nMIH Food Delivery Holdings B.V. SAR Scheme
\n(Global Food)
Note 4
b
10 years
Cash-settled
\nNaspers Ventures B.V. SAR Scheme
15%
d
10 years
Cash-settled
\nMIH Edtech Investments B.V. SAR Plan (Global Edtech)
Note 4
b
10 years
Cash-settled
\nRed Dot Payment Pte Ltd SAR Scheme
20%
b
10 years
Cash-settled
\nSimilarWeb Limited SAR Scheme
5%
c
10 years
Cash-settled
\nProperty24 SAR Scheme
15%
b
\n3
\n10 years
Cash-settled
\nTakealot Online Proprietary Limited SAR Scheme
15%
b
10 years
Cash-settled
\nMovile International Holdings BV SAR Scheme
15%
b
10 years
Cash-settled
\nDante International S.A. (eMAG) SAR Scheme
12.5%
b
10 years
Cash-settled
\nMIH Learning B.V. (Skillsoft) SAR Scheme
12.5%
b
10 years
Cash-settled
\nGood Bidco (GoodHabitz) B.V. SAR Scheme
15%
b
10 years
Cash-settled
\nThe group provides detailed disclosure for those share appreciation rights plans that are considered signi\ufb01cant to the \ufb01nancial
\nstatements.
\nNotes in relation to the group\u2019s share appreciation rights plans:
\n1 The percentage re\ufb02ected in this column is the maximum percentage of the respective companies\u2019 issued/notional share capital that is available for the plan. Where
\napplicable, the above percentage also includes the percentage of the underlying assets\u2019 value allocated to other group schemes, including the Global schemes
\n(also see note 4).
\n2 Vesting period: a One third vests after years three, four and \ufb01ve.
\nb One quarter vests after years one, two, three and four.
\nc
One \ufb01fth vests after years one, two, three, four and \ufb01ve.
\nd One quarter vests after years two, three, four and \ufb01ve.
\n3 For these schemes all o\ufb00ers made from 1 April 2018 vest over one, two, three and four years. All o\ufb00ers preceding this date vest over one, two, three, four and
\n\ufb01ve\u00a0years.
\n4 2.5% of the value of each of the relevant underlying assets, as is contributed to the relevant Global schemes, is available for issuance in the Global schemes.
\nFrom 1 April 2022, new grants under the SAR schemes will have an expiry period of six years.
Liabilities arising from share-based payment transactions
\nThe following liabilities have been recognised in the consolidated statement of \ufb01nancial position relating to the group\u2019s cash-
\nsettled share-based payment obligations:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCash-settled share-based payment liability
\nTotal carrying amount of cash-settled share-based payment liability
713
1 127
\nLess: Current portion of cash-settled share-based payment liability
(656)
(964)
\nNon-current portion of cash-settled share-based payment liability
57
163
\nReconciliation of the cash-settled share-based payment liability is as follows:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening carrying amount of cash-settled share-based payment liability
1 127
1 056
\nSAR scheme charge per the consolidated income statement
\n1, 2
\n(187)
129
\nEmployment-linked put option charge per the consolidated income statement
14
23
\nAdditions
\u2013
5
\nSettlements
(165)
(372)
\nModi\ufb01cation
\n2
\n5
265
\nTransferred to liabilities classi\ufb01ed as held for sale
\n3
\n(37)
\u2013
\nForeign currency translation e\ufb00ects
(44)
21
\nClosing carrying amount of cash-settled share-based payment liability
713
1 127
\n1 The decrease in the expense is as a result of the decline in the fair values of the underlying businesses that decreased the estimated cash settlement for the
\nschemes.
\n2 Some of the group\u2019s equity-settled compensation plans were prospectively modi\ufb01ed to cash-settled due to the change in settlement policy of the share option
\nschemes. In the 31 March 2022 \ufb01nancial year, the modi\ufb01cation relates primarily to the iFood share option scheme to cash settled.
\n3 Relates primarily to Avito which was classi\ufb01ed as held for sale in May 2022 prior to its disposal in October 2022 as well as the OLX Autos disposal group classi\ufb01ed
\nas held for sale in March 2023. Refer to note 36.
\nAs at 31 March 2023 68.25% (2022: 63.04%) of the share-based payment liability relates to vested share-based compensation
\nplans that have not been exercised. Included in the share-based payment liability is an amount of US$103m (2022: US$90m) as a
\nresult of a written put option included in the acquisition agreement that is linked to a committed employment period for the
\nfounders of the respective subsidiaries.
The group recognised, in the consolidated income statement a remeasurement of US$29m (2022:\u00a0US$23m) included in the current
\nyear cash-settled share-based payment expense related to these subsidiaries. The value on settlement of the put options will be
\ndependent on the completion of the respective employment period and accordingly impacts the non-controlling interest
\nrecognised for these subsidiaries.
\nMovements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2023
\nNaspers
\nRSU
\nProsus
\nRSU
\nNaspers
\nPSU
\nProsus
\nPSU
\nMIH
\nHoldings
\nMIH
\nInternet
\nShares
\nOutstanding at 1 April
28 251
2 135 060
265 672
269 298
28 250
1 930 686
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
122
\u2013
\nGranted
\u2013
3 258 804
22 073
343 328
\u2013
\u2013
\nExercised
(16 949)
(468 748)
(100 903)
\u2013
(8 443)
(1 085 299)
\nForfeited
(3 247)
(488 712)
\u2013
\u2013
(532)
(30 122)
\nCancelled
\u2013
(330 839)
\u2013
\u2013
\u2013
\u2013
\nOutstanding at 31 March
8 055
4 105 565
186 842
612 626
19 397
815 265
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
\u2013
14 133
683 745
\nWeighted average exercise price
(ZAR)
(EUR)
(ZAR)
(EUR)
(ZAR)
(ZAR)
\nOutstanding at 1 April
\u2013
\u2013
\u2013
\u2013
2 860.16
1 921.39
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nGranted
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nExercised
\u2013
\u2013
\u2013
\u2013
1 947.87
1 293.49
\nForfeited
\u2013
\u2013
\u2013
\u2013
2 394.31
3 089.81
\nCancellation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nOutstanding at 31 March
\u2013
\u2013
\u2013
\u2013
2 284.60
2 714.09
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
\u2013
2 883.20
2 656.84
\nWeighted average share price of options
\ntaken up during the year
\nShares
16 949
468 748
100 903
\u2013
8 443
1 085 299
\nWeighted average share price
2 638.44
64.27
2 637.25
\u2013
3 087.90
2 561.18
Movements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2023
\nDante
\nInternational
iFood
\nMovile
\nJoint
\nScheme
\nShares
\nOutstanding at 1 April
62 621
100 788
771 665
\nGranted
31 247
55 393
\u2013
\nExercised
(4 764)
(5 585)
(131 886)
\nForfeited
(1 559)
(10 331)
(117 565)
\nCancelled
\u2013
(20 071)
(6 900)
\nOutstanding at 31 March
87 545
120 194
515 314
\nAvailable to be implemented by the trust at 31 March
31 801
43 436
328 913
\nWeighted average exercise price
(US$)
(BRL)
(BRL)
\nOutstanding at 1 April
1 235.66
6 891.64
242.13
\nMovements between Naspers and Prosus group companies
\u2013
\u2013
\u2013
\nGranted
1 185.31
15 069.51
\u2013
\nExercised
743.11
4 591.34
311.40
\nForfeited
1 414.05
8 379.76
132.38
\nCancelled
\u2013
19 220.38
285.18
\nOutstanding at 31 March
1 241.31
8 580.74
248.86
\nAvailable to be implemented by the trust at 31 March
1 005.14
5 369.11
267.90
\nWeighted average share price of options taken up during the year
\nShares
4 764
5 585
131 886
\nWeighted average share price
1 466.96
12 227.44
1 530.63
Movements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2022
\nNaspers
\nRSU
\nProsus
\nRSU
\n(EUR)
\nNaspers
\nPSU
\nProsus
\nPSU
\n(EUR)
\nMIH
\nHoldings
\nMIH
\nInternet
\nShares
\nOutstanding at 1 April
60 999
667 619
227 460
\u2013
17 020
1 909 071
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
10 252
11 568
\nGranted
\u2013
1 833 725
44 268
269 298
1 623
84 755
\nExercised
(23 788)
(159 424)
\u2013
\u2013
(645)
(63 801)
\nForfeited
(8 960)
(205 460)
(6 056)
\u2013
\u2013
(8 183)
\nCancelled
\u2013
(1 400)
\u2013
\u2013
\u2013
(2 724)
\nOutstanding at 31 March
28 251
2 135 060
265 672
269 298
28 250
1 930 686
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
17 482
1 633 120
\nWeighted average exercise price
(ZAR)
(EUR)
(EUR)
(EUR)
(ZAR)
(ZAR)
\nOutstanding at 1 April
\u2013
\u2013
\u2013
\u2013
2 885.80
1 863.45
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
2 885.80
1 863.45
\nGranted
\u2013
\u2013
\u2013
\u2013
3 040.00
2 961.41
\nExercised
\u2013
\u2013
\u2013
\u2013
2 378.16
1 600.12
\nForfeited
\u2013
\u2013
\u2013
\u2013
3 051.97
\nCancelled
\u2013
\u2013
\u2013
\u2013
3 040.00
\nOutstanding at 31 March
\u2013
\u2013
\u2013
\u2013
2 860.16
1 921.39
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
\u2013
2 664.31
1 715.82
\nWeighted average share price of options
\ntaken up during the year
\nShares
23 788
159 424
\u2013
\u2013
645
63 801
\nWeighted average share price
2 803.06
68.53
\u2013
\u2013
3 432.25
2 467.59
Movements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2022
\nDante
\nInternational
iFood
\nMovile
\nJoint
\nScheme
\nShares
\nOutstanding at 1 April
80 424
123 549
1 115 232
\nGranted
15 405
12 873
302 451
\nExercised
(32 776)
(33 920)
(190 675)
\nForfeited
(432)
(1 714)
(186 371)
\nCancelled
\u2013
\u2013
\u2013
\nOutstanding at 31 March
62 621
100 788
1 040 637
\nAvailable to be implemented by the trust at 31 March
17 968
30 914
331 949
\nWeighted average exercise price
(US$)
(BRL)
(BRL)
\nOutstanding at 1 April
786.26
4 117.50
237.36
\nGranted
2 343.84
22 388.59
191.73
\nExercised
657.32
3 984.58
266.40
\nForfeited
969.53
6 033.30
178.36
\nCancelled
\u2013
2 701.27
\u2013
\nOutstanding at 31 March
1 020.37
6 891.64
229.34
\nAvailable to be implemented by the trust at 31 March
753.42
3 583.72
267.79
\nWeighted average share price of options taken up during the year
\nShares
32 776
33 920
190 675
\nWeighted average share price
567.46
4 270.68
2 170.23
Movements in terms of the group\u2019s signi\ufb01cant share appreciation rights plans are as follows:
\n31 March 2023
\nMIH
\nChina
\nNaspers
\nGlobal
\nClassi\ufb01eds
\nNaspers
\nGlobal
\nEcommerce
\nNaspers
\nVentures
\nPayU
\nGlobal
\nSARs
\nOutstanding at 1 April
374 169
19 277 985
11 311 508
6 526 815
903 563
\nMovements between Naspers
\nGranted
130 590
13 850 566
1 017 872
505 790
155 915
\nExercised
(60)
(436 439)
(1 128 082)
(2 482 665)
(264 010)
\nForfeited
(1 892)
(13 139 989)
(211 653)
(566 229)
(75 175)
\nCancelled
\u2013
(46 232)
\u2013
\u2013
\u2013
\nOutstanding at 31 March
502 807
19 505 891
10 989 645
3 983 711
720 293
\nAvailable to be implemented at 31 March
261 947
8 133 190
8 203 303
182 057
269 651
\nWeighted average exercise price
(US$)
(US$)
(US$)
(US$)
(US$)
\nOutstanding at 1 April
169.56
9.90
29.73
11.04
160.71
\nMovements between Naspers
\nGranted
125.42
6.18
38.88
25.43
47.04
\nExercised
138.40
7.61
29.03
5.51
76.19
\nForfeited
221.39
8.40
52.22
17.49
162.10
\nCancelled
\u2013
6.18
\u2013
\u2013
\u2013
\nOutstanding at 31 March
157.90
8.33
30.22
15.40
147.03
\nAvailable to be implemented at 31 March
149.75
8.91
24.21
5.48
90.50
\nWeighted average share price of SARs taken
\nup during the year
\nSARs
60
436 439
1 128 082
2 482 665
264 010
\nWeighted average share price
161.53
9.33
51.26
23.53
164.73
Movements in terms of the group\u2019s signi\ufb01cant share appreciation rights plans are as follows:
\n31 March 2022
\nMIH
\nChina
\nNaspers
\nGlobal
\nClassi\ufb01eds
\nNaspers
\nGlobal
\nEcommerce
\nNaspers
\nVentures
\nPayU
\nGlobal
\nSARs
\nOutstanding at 1 April
301 927
21 304 008
10 097 273
3 679 357
1 433 264
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
21 100
\u2013
\u2013
\nGranted
77 615
6 194 375
1 422 443
2 999 945
223 332
\nExercised
(5 373)
(4 683 827)
(156 208)
(116 223)
(584 675)
\nForfeited
\u2013
(3 508 555)
(47 252)
(36 264)
(168 358)
\nCancelled
\u2013
(28 016)
(25 848)
\u2013
\u2013
\nOutstanding at 31 March
374 169
19 277 985
11 311 508
6 526 815
903 563
\nAvailable to be implemented at 31 March
176 437
5 779 672
7 843 728
2 009 412
265 956
\nWeighted average exercise price
(US$)
(US$)
(US$)
(US$)
(US$)
\nOutstanding at 1 April
149.17
8.72
25.01
6.00
74.13
\nMovements between Naspers and
\nProsus group companies
25.01
\u2013
\u2013
\nGranted
244.59
12.29
64.04
16.94
138.23
\nExercised
107.97
8.21
28.55
5.03
62.99
\nForfeited
\u2013
9.19
44.35
6.67
95.54
\nCancelled
\u2013
9.05
63.89
\u2013
\u2013
\nOutstanding at 31 March
169.56
9.90
29.73
11.03
93.19
\nAvailable to be implemented at 31 March
136.56
8.38
21.77
5.24
75.45
\nWeighted average share price of SARs taken
\nup during the year
\nSARs
5 373
4 683 827
156 208
116 223
584 675
\nWeighted average share price
190.31
12.29
64.27
16.25
193.61
Share option allocations outstanding and currently available to be implemented at 31 March 2023 by exercise price for the
\ngroup\u2019s signi\ufb01cant share incentive plans:
\nShare options outstanding
\nShare options currently
\navailable
\nExercise prices
\nNumber
\noutstanding
\nat 31 March
\n2023
\nWeighted
\naverage
\nremaining
\ncontractual
\nlife (years)
\nWeighted
\naverage
\nexercise
\nprice
\nExercisable
\nat 31 March
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\nMIH Internet (ZAR)
\n780.68 to 886.69
1 982
0.43
787.32
1 982
787.32
\n1196.88 to 1272.66
24 713
1.41
1 268.47
24 713
1 268.47
\n1302.89 to 1371.87
7 100
1.67
1 370.80
7 100
1 370.80
\n1572.04 to 1634.84
19 142
2.43
1 623.49
19 142
1 623.49
\n1700.53 to 1741.27
652
2.56
1 722.47
652
1 722.47
\n1834.76 to 1931.85
3 966
3.57
1 857.10
3 966
1 857.10
\n1991.88 to 2380.94
183 822
3.40
2 099.00
180 684
2 094.69
\n2429.53 to 2819.37
83 335
5.50
2 753.28
66 619
2 748.02
\n2827.88 to 3055
198 100
6.62
2 886.43
119 685
2 859.38
\n3077.6 to 3473.99
263 785
5.62
3 192.75
236 914
3 173.35
\n3494 to 3809
28 668
6.12
3 530.35
22 288
3 536.07
\n815 265
683 745
\niFood (BRL)
\n408.64 to 2 233.05
9 004
3.93
1 304.66
9 004
1 304.66
\n3 984.58 to 7 177.42
64 476
6.77
5 117.02
31 584
4 993.13
\n12 321.91 to 2 2388.59
46 714
6.49
14 763.91
2 848
22 388.59
\n120 194
43 436
\nMovile Joint Scheme (BRL)
\n80.1 to 117.31
273 335
7.33
116.22
140 654
115.19
\n149.71 to 279.9
48 988
4.25
169.26
41 488
161.61
\n285.18 to 468.87
60 197
4.84
368.49
60 197
368.49
\n497
132 794
6.33
497.00
86 574
497.00
\n515 314
328 913
\nDante International (US$)
\n319.02 to 414.5
533
2.18
361.83
533
361.83
\n533.7 to 678.53
7 346
3.95
624.49
7 346
624.49
\n829.21 to 1 692.23
64 777
6.30
1 065.09
20 203
914.09
\n2 343.84
14 889
8.40
2 343.84
3 719
2 343.84
\n87 545
31 801
Share option allocations outstanding and currently available to be implemented at 31 March 2023 by exercise price for the
\ngroup\u2019s signi\ufb01cant share incentive plans:
\nShare options outstanding
\nShare options currently
\navailable
\nExercise prices
\nNumber
\noutstanding
\nat 31 March
\n2023
\nWeighted
\naverage
\nremaining
\ncontractual
\nlife (years)
\nWeighted
\naverage
\nexercise
\nprice
\nExercisable
\nat 31 March
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\nMIH Holdings (ZAR)
\n886.69 to 1378.67
834
0.72
1 028.27
834
1 028.27
\n1700.53 to 1740.85
1 079
2.47
1 738.27
1 079
1 738.27
\n2323.52 to 2429.53
839
3.42
2 360.29
839
2 360.29
\n2782.5 to 2839.88
5 477
6.18
2 809.71
4 134
2 803.81
\n3040 to 3420.55
11 168
6.48
3 347.31
7 247
3 372.96
\n19 397
14 133
\nShare appreciation rights allocations outstanding and currently available to be implemented at 31 March 2023 by exercise price
\nfor the group\u2019s signi\ufb01cant share incentive plans:
\nSARs outstanding
SARs currently available
\nExercise prices
\nNumber
\noutstanding
\nat 31 March
\n2023
\nWeighted
\naverage
\nremaining
\ncontractual
\nlife (years)
\nWeighted
\naverage
\nexercise
\nprice
\nExercisable
\nat 31 March
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\nMIH China (US$)
\n81.78 to 244.59
502 807
5.98
157.90
261 947
149.75
\nNaspers Global Classi\ufb01eds (US$)
\n3.54 to 7.64
9 064 101
5.09
6.28
1 713 199
6.68
\n8.5 to 12.29
10 441 790
6.95
10.11
6 419 991
9.50
\n19 505 891
8 133 190
\nNaspers Global Ecommerce (US$)
\n15.58 to 23.61
4 803 675
1.55
15.81
4 803 675
15.81
\n27.25 to 31.89
1 155 546
4.46
27.56
1 155 546
27.56
\n32.99 to 36.7
2 069 116
5.79
34.59
1 261 429
34.82
\n36.76 to 45.64
1 348 698
7.14
40.57
687 886
40.46
\n47.81 to 67.1
1 612 610
7.65
60.78
294 767
64.79
\n10 989 645
8 203 303
\nNaspers Ventures (US$)
\n5 to 8.74
993 097
11.75
7.30
182 057
5.48
\n10.06 to 25.45
2 990 614
13.65
18.08
\u2013
\u2013
\n3 983 711
182 057
\nPayU Global (US$)
\n32.04 to 58.44
191 602
5.04
47.55
40 303
49.93
\n67.37 to 140.26
528 691
7.31
102.81
229 348
97.63
\n720 293
269 651
Share option and RSU plan grants made during the year relating to the group\u2019s signi\ufb01cant plans:
\nNaspers
\nRSU
\n(ZAR)
\nProsus
\nRSU
\n(EUR)
\nNaspers
\nPSU
\n(ZAR)
\nProsus
\nPSU
\n(EUR)
\n31 March 2023
\nWeighted average fair value at measurement date
\u2013
62.71
\u2013
103.56
\nThis weighted average fair value has been calculated using the
\nBermudan Binomial option pricing model, using the following
\ninputs and assumptions:
\nWeighted average share price
\u2013
62.71
\u2013
103.56
\nWeighted average option life (years)
\u2013
10.00
\u2013
3.17
\nWeighted average annual suboptimal rate (%)
\u2013
180%
\u2013
180%
\nWeighted average vesting period (years)
\u2013
2.50
\u2013
2.85
\n31 March 2022
\nWeighted average fair value at measurement date
\u2013
74.89
2 945.46
75.16
\nThis weighted average fair value has been calculated using the
\nBermudan Binomial option pricing model, using the following
\ninputs and assumptions:
\nWeighted average share price
\u2013
74.89
2 945.46
75.16
\nWeighted average option life (years)
\u2013
10.00
3.00
3.00
\nWeighted average annual suboptimal rate (%)
\u2013
160%
160%
160%
\nWeighted average vesting period (years)
\u2013
2.5
3.0
3.0
\nMIH
\nHoldings
\n(ZAR)
\nMIH
\nInternet
\n(ZAR)
\nDante
\nInternational
\n(US$)
\niFood
\n(BRL)
\nMovile
\nJoint
\nScheme
\n(BRL)
\n31 March 2023
\nWeighted average fair value at
\nmeasurement date
1 167.99
\u2013
591.72
8 899.20
\u2013
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
2 348.69
\u2013
1 185.31
15 729.18
\u2013
\nWeighted average exercise price
2 348.69
\u2013
1 185.31
12 321.91
\u2013
\nWeighted average expected volatility (%)*
47.0%
\u2013
62.0%
65.0%
\u2013
\nWeighted average option life (years)
10.0
\u2013
6.0
6.0
\u2013
\nWeighted average dividend yield (%)
\nWeighted average risk-free interest rate (%)
\n(based on zero-rate bond yield at perfect \ufb01t)
9.0%
\u2013
4.0%
7.4%
\u2013
\nWeighted average annual suboptimal rate (%)
180%
\u2013
180%
180%
\u2013
\nWeighted average vesting period (years)
2.5
\u2013
2.5
2.0
\u2013
\n* The weighted average expected volatility of all share options listed above is determined using historical daily share prices.
MIH
\nHoldings
\n(ZAR)
\nMIH
\nInternet
\n(ZAR)
\nDante
\nInternational
\n(US$)
\niFood
\n(BRL)
\nMovile
\nJoint
\nScheme
\n(BRL)
\n31 March 2022
\nWeighted average fair value at measurement
\ndate
1 234.89
1 235.26
1 172.63
9 165.64
\u2013
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
2 955.45
2 957.08
2 343.84
19 927.63
\u2013
\nWeighted average exercise price
2 955.45
2 957.08
2 343.84
22 388.59
\u2013
\nWeighted average expected volatility (%)*
32.5
32.4
58
50.4
\u2013
\nWeighted average option life (years)
10.0
10.0
10.0
10.0
\u2013
\nWeighted average dividend yield (%)
0.2
0.2
\u2013
\u2013
\u2013
\nWeighted average risk-free interest rate (%)
\n(based on zero rate bond yield at perfect \ufb01t)
7.1
7.0
1.6
7.3
\u2013
\nWeighted average annual suboptimal rate (%)
160
160
160
160
\u2013
\nWeighted average vesting period (years)
2.5
2.5
2.5
2.6
\u2013
\n* The weighted average expected volatility of all share options listed above is determined using historical daily share prices.
\nShare appreciation rights plan grants made during the year relating to the group\u2019s signi\ufb01cant plans:
\nMIH
\nChina
\n(US$)
\nNaspers
\nGlobal
\nClassi\ufb01eds
\n(US$)
\nNaspers
\nGlobal
\nEcommerce
\n(US$)
\nNaspers
\nVentures
\n(US$)
\nPayU
\nGlobal
\nB.V.
\n(US$)
\n31 March 2023
\nWeighted average fair value
\nat remeasurement date
83.75
1.03
14.76
10.76
10.19
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
165.39
3.42
34.20
23.71
32.38
\nWeighted average exercise price
125.42
6.18
38.83
25.43
46.92
\nWeighted average expected volatility (%)*
46.0%
52.0%
55.0%
35.0%
45.0%
\nWeighted average option life (years)
6.0
6.0
6.0
15.0
6.0
\nWeighted average risk-free interest rate (%)
\n(based on zero rate bond yield at perfect \ufb01t)
3.6%
3.6%
3.6%
3.5%
3.6%
\nWeighted average annual suboptimal rate (%)
180.0%
180.0%
180.0%
180.0%
180.0%
\nWeighted average vesting period (years)
4.9
2.6
2.1
3.5
2.5
\nShare price at measurement date
165.4
3.4
34.2
23.7
32.4
\n* The weighted average expected volatility of all share appreciation rights listed above is determined using historical daily share prices.
MIH
\nChina
\n(US$)
\nNaspers
\nGlobal
\nClassi\ufb01eds
\n(US$)
\nNaspers
\nGlobal
\nEcommerce
\n(US$)
\nNaspers
\nVentures
\n(US$)
\nPayU
\nGlobal
\nB.V.
\n(US$)
\n31 March 2022
\nWeighted average fair value at
\nremeasurement date
48.73
4.28
26.08
15.14
58.70
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
155.02
11.59
57.27
25.46
132.78
\nWeighted average exercise price
244.59
12.29
60.20
16.94
137.83
\nWeighted average expected volatility (%)*
42.0
37.0
50.1
48.3
53.8
\nWeighted average option life (years)
5.0
10.0
10.0
15.0
10.00
\nWeighted average risk-free interest rate (%)
\n(based on zero-rate bond yield at perfect \ufb01t)
2.3
2.3
2.3
2.3
2.3
\nWeighted average annual suboptimal rate (%)
160
160
160
160
160
\nWeighted average vesting period (years)
2.5
2.6
3.5
3.5
2.50
\nShare price at measurement date
155.02
11.59
57.27
25.46
132.78
\n* The weighted average expected volatility of all share appreciation rights listed above is determined using historical daily share prices.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27607": {
"value": "Dividends payable to holders of ordinary shares N who elect to receive a dividend and who hold their listed ordinary shares N through the listing of the company on the JSE will, in addition to the 15% Dutch dividend withholding tax, be subject to South
\nAfrican dividend tax at a rate of up to 20%. The amount of additional South African dividend tax will be calculated by deducting
\nfrom the 20%, a rebate equal to the Dutch dividend tax paid in respect of the dividend (without right of recovery). Shareholders
\nholding their listed ordinary shares N through the listing of the company on the JSE, unless exempt from paying South African
\ndividend tax or entitled to a reduced withholding tax rate in terms of an applicable tax treaty, will be subject to a maximum of
20% South African dividend tax.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27648": {
"value": "Financial assets
\nAccounting policy
\nClassi\ufb01cation, initial recognition and measurement
\nFinancial assets are initially recognised when the group becomes a party to the contractual provisions of the instrument.
\nOn initial recognition, \ufb01nancial assets are classi\ufb01ed as \ufb01nancial assets measured at amortised cost, fair value through
\nother comprehensive income or fair value through pro\ufb01t or loss. The classi\ufb01cation is based on the objectives of the
\nbusiness model within which the \ufb01nancial asset is held and the characteristics of its contractual cash \ufb02ows.
\nThe group assesses the objective of the business model in which a \ufb01nancial asset is held based on all relevant
\nevidence that is available at the date of assessment including how the performance of the \ufb01nancial asset is evaluated
\nand reported to management and the risks a\ufb00ecting the performance of the \ufb01nancial asset as well as how those risks
\nare managed.
\nIn evaluating the contractual cash \ufb02ows of a \ufb01nancial asset, the group considers its contractual terms, including
\nassessing whether the \ufb01nancial asset is subject to contractual terms that change (or could potentially change) the timing
\nor amount of associated future cash \ufb02ows.
\nA \ufb01nancial asset is measured at amortised cost if it is held within a business model whose objective is to hold assets to
\ncollect contractual cash \ufb02ows and its contractual cash \ufb02ows represent solely payments of principal and interest on the
\namount outstanding. In making this assessment, the group considers the e\ufb00ect of terms (including conversion,
\nprepayment and extension features) that may a\ufb00ect the timing and/or amounts of cash \ufb02ows.
\nFinancial assets classi\ufb01ed as at amortised cost include trade, \ufb01nancing and other receivables, related party receivables
\nand cash and cash equivalents.
\nAll \ufb01nancial assets not classi\ufb01ed as at amortised cost or at fair value through other comprehensive income are
\nmeasured at fair value through pro\ufb01t or loss. This includes derivative \ufb01nancial assets other than those forming part of
\ne\ufb00ective hedging relationships to which hedge accounting is applied. A \ufb01nancial asset is classi\ufb01ed in this category at
\ninitial recognition if it is acquired principally for the purpose of selling in the short term, if it forms part of a portfolio of
\n\ufb01nancial assets in which there is evidence of short-term pro\ufb01t-making, or if it is designated in this category to eliminate
\nor signi\ufb01cantly reduce an accounting mismatch that would otherwise arise.
\nPurchases and sales of \ufb01nancial assets are recognised on the trade date, which is the date that the group commits to
\npurchase or sell the asset. Financial assets (excluding trade receivables that are not subject to a signi\ufb01cant \ufb01nancing
\ncomponent) are initially measured at fair value plus, for an instrument not at fair value through pro\ufb01t or loss, transaction
\ncosts directly attributable to its acquisition or issue. Trade receivables that are not subject to signi\ufb01cant \ufb01nancing
\ncomponents are initially measured at the relevant transaction prices.
\nFinancial assets are presented as non-current assets, except for those with maturities within 12 months from the
\nstatement of \ufb01nancial position date, which are classi\ufb01ed as current assets.
\nOn initial recognition of an equity investment that is not held for trading, the group may irrevocably elect to present
\nsubsequent changes in the fair value of such investments in other comprehensive income. This election is made on an
\ninvestment-by-investment basis. These investments are classi\ufb01ed as \ufb01nancial assets at fair value through other
\ncomprehensive income. The group has classi\ufb01ed all equity investments that do not represent investments in subsidiaries,
\nassociates or joint ventures in this category.
\nSubsequent measurement
\nAmortised cost \ufb01nancial assets are subsequently measured using the e\ufb00ective interest method, reduced by relevant
\nimpairment allowances. Interest income, foreign exchange gains and losses and impairment losses on amortised cost
\n\ufb01nancial assets are recognised in the consolidated income statement.
\nChanges in the fair value of equity investments classi\ufb01ed as \ufb01nancial assets at fair value through other comprehensive
\nincome are recognised in the consolidated statement of other comprehensive income and are accumulated in the
\nvaluation reserve in the consolidated statement of changes in equity.
\nDividends received on equity investments at fair value through other comprehensive income are recognised in the
\nconsolidated income statement. On derecognition of \ufb01nancial assets at fair value through other comprehensive income,
\nfair value changes accumulated in the valuation reserve are transferred to retained earnings.
\nFinancial assets at fair value through pro\ufb01t or loss are subsequently carried at fair value with changes in fair value
\nincluded in \u2018Other (losses)/gains \u2013 net\u2019 in the consolidated income statement.
Refer to note 41 for the group\u2019s fair value measurement methodology regarding \ufb01nancial assets.
\nFinancial assets are derecognised when the rights to receive cash \ufb02ows from the \ufb01nancial assets have expired or where
\nthey have been transferred and the group has also transferred substantially all risks and rewards of ownership.
\nFinancial assets are o\ufb00set and the net amount reported in the consolidated statement of \ufb01nancial position when there is
\na legally enforceable right to o\ufb00set the recognised amounts and there is an intention to realise the asset and settle a
\nrelated \ufb01nancial liability simultaneously.
\nImpairment
\nThe group recognises expected credit losses (impairment allowances) on \ufb01nancial assets measured at amortised cost
\nand accrued income balances. The group assesses, on a forward-looking basis, the impairment allowances associated
\nwith these \ufb01nancial assets and makes use of provision matrices relevant to its various operations in establishing
\nimpairment allowances, speci\ufb01cally for trade receivables.
\nFor trade and other receivables, including accrued income balances, the group measures impairment allowances at an
\namount equal to the lifetime expected credit losses on these \ufb01nancial assets. Lifetime expected credit losses are those
\nlosses that result from all possible default events over the expected life of the \ufb01nancial instrument.
\nFor \ufb01nancing receivables, related party and other loans and receivables, the impairment loss allowance is based on a
\ngeneral expected credit loss model. The measurement of the impairment loss allowance on these loans and receivables
\nis based on the assessment of whether there has been a signi\ufb01cant increase in credit risk.
\nThe group considers a \ufb01nancial asset to be in default when the borrower is unlikely to pay its credit obligations in full or
\nthe outstanding amount exceeds its contractual payment terms.
\nAt each reporting date, the group assesses whether \ufb01nancial assets at amortised cost and/or accrued income balances
\nare credit impaired. Financial assets are considered credit impaired when one or more events that have a detrimental
\nimpact on expected future cash \ufb02ows have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes, but is
\nnot\u00a0limited to, signi\ufb01cant \ufb01nancial di\ufb03culty experienced by the borrower, a breach of contract such as defaulting on
\ncontractually due repayments or the probability of the borrower entering bankruptcy.
\nImpairment allowances for \ufb01nancial assets measured at amortised cost and accrued income balances are recognised
\nin the consolidated income statement in an impairment allowance account. The gross carrying amount of the \ufb01nancial
\nassets is reduced by the impairment loss allowance and is written o\ufb00 when the group has no reasonable expectation of
\nrecovering the \ufb01nancial asset in its entirety or a portion thereof.
\nRefer to note 40 for further details regarding the group\u2019s credit risk management.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27728": {
"value": "Financial assets are derecognised when the rights to receive cash \ufb02ows from the \ufb01nancial assets have expired or where
\nthey have been transferred and the group has also transferred substantially all risks and rewards of ownership.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27731": {
"value": "Financial assets are o\ufb00set and the net amount reported in the consolidated statement of \ufb01nancial position when there is
\na legally enforceable right to o\ufb00set the recognised amounts and there is an intention to realise the asset and settle a
\nrelated \ufb01nancial liability simultaneously.
Financial liabilities are o\ufb00set and the net amount reported in the consolidated statement of \ufb01nancial position when there
\nis a legally enforceable right to o\ufb00set the recognised amounts and there is an intention to settle on a net basis.
\nFinancial liabilities are derecognised when the contractual obligation is discharged, cancelled or when it expires.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27735": {
"value": "Impairment
\nThe group recognises expected credit losses (impairment allowances) on \ufb01nancial assets measured at amortised cost
\nand accrued income balances. The group assesses, on a forward-looking basis, the impairment allowances associated
\nwith these \ufb01nancial assets and makes use of provision matrices relevant to its various operations in establishing
\nimpairment allowances, speci\ufb01cally for trade receivables.
\nFor trade and other receivables, including accrued income balances, the group measures impairment allowances at an
\namount equal to the lifetime expected credit losses on these \ufb01nancial assets. Lifetime expected credit losses are those
\nlosses that result from all possible default events over the expected life of the \ufb01nancial instrument.
\nFor \ufb01nancing receivables, related party and other loans and receivables, the impairment loss allowance is based on a
\ngeneral expected credit loss model. The measurement of the impairment loss allowance on these loans and receivables
\nis based on the assessment of whether there has been a signi\ufb01cant increase in credit risk.
\nThe group considers a \ufb01nancial asset to be in default when the borrower is unlikely to pay its credit obligations in full or
\nthe outstanding amount exceeds its contractual payment terms.
\nAt each reporting date, the group assesses whether \ufb01nancial assets at amortised cost and/or accrued income balances
\nare credit impaired. Financial assets are considered credit impaired when one or more events that have a detrimental
\nimpact on expected future cash \ufb02ows have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes, but is
\nnot\u00a0limited to, signi\ufb01cant \ufb01nancial di\ufb03culty experienced by the borrower, a breach of contract such as defaulting on
\ncontractually due repayments or the probability of the borrower entering bankruptcy.
\nImpairment allowances for \ufb01nancial assets measured at amortised cost and accrued income balances are recognised
\nin the consolidated income statement in an impairment allowance account. The gross carrying amount of the \ufb01nancial
\nassets is reduced by the impairment loss allowance and is written o\ufb00 when the group has no reasonable expectation of
\nrecovering the \ufb01nancial asset in its entirety or a portion thereof.
\nRefer to note 40 for further details regarding the group\u2019s credit risk management.
Total impairment losses on \ufb01nancial assets at amortised cost
\nTotal impairment losses (net of reversals) recorded on \ufb01nancial assets measured at amortised cost amounted to US$37m as at
\n31\u00a0March 2023 (2022: US$12m). The assessment includes all reasonable and supportable information about the likelihood that
\ncounterparties would breach their agreed payment terms and any deterioration of their credit ratings. Where relevant, additional
\nexpected credit losses were accounted for when deemed necessary.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27736": {
"value": "Impairment
\nThe group recognises expected credit losses (impairment allowances) on \ufb01nancial assets measured at amortised cost
\nand accrued income balances. The group assesses, on a forward-looking basis, the impairment allowances associated
\nwith these \ufb01nancial assets and makes use of provision matrices relevant to its various operations in establishing
\nimpairment allowances, speci\ufb01cally for trade receivables.
\nFor trade and other receivables, including accrued income balances, the group measures impairment allowances at an
\namount equal to the lifetime expected credit losses on these \ufb01nancial assets. Lifetime expected credit losses are those
\nlosses that result from all possible default events over the expected life of the \ufb01nancial instrument.
\nFor \ufb01nancing receivables, related party and other loans and receivables, the impairment loss allowance is based on a
\ngeneral expected credit loss model. The measurement of the impairment loss allowance on these loans and receivables
\nis based on the assessment of whether there has been a signi\ufb01cant increase in credit risk.
\nThe group considers a \ufb01nancial asset to be in default when the borrower is unlikely to pay its credit obligations in full or
\nthe outstanding amount exceeds its contractual payment terms.
\nAt each reporting date, the group assesses whether \ufb01nancial assets at amortised cost and/or accrued income balances
\nare credit impaired. Financial assets are considered credit impaired when one or more events that have a detrimental
\nimpact on expected future cash \ufb02ows have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes, but is
\nnot\u00a0limited to, signi\ufb01cant \ufb01nancial di\ufb03culty experienced by the borrower, a breach of contract such as defaulting on
\ncontractually due repayments or the probability of the borrower entering bankruptcy.
\nImpairment allowances for \ufb01nancial assets measured at amortised cost and accrued income balances are recognised
\nin the consolidated income statement in an impairment allowance account. The gross carrying amount of the \ufb01nancial
\nassets is reduced by the impairment loss allowance and is written o\ufb00 when the group has no reasonable expectation of
\nrecovering the \ufb01nancial asset in its entirety or a portion thereof.
\nRefer to note 40 for further details regarding the group\u2019s credit risk management.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27791": {
"value": "26.
Cash and cash equivalents
31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCash at bank and on hand
1 136
1 383
\nShort-term bank deposits
\n1
\n8 429
8 263
\nBank overdrafts
(28)
(18)
\n9 537
9 628
\nRestricted cash
\nThe following cash balances are restricted from immediate use:
\nClassi\ufb01eds
29
104
\nPayments and Fintech
455
339
\nEtail
41
27
\nOther ecommerce
3
44
\nTotal restricted cash
528
514
\n1 Included in short-term bank deposits is an amount of US$447m (2022: US$928m) which represents money market funds held with major banking groups and
\nhigh-quality institutions that have AAA money market fund credit ratings from internationally recognised rating agencies.
\nRestricted cash is included in cash and cash equivalents due to the fact that it mostly relates to cash held on behalf of customers.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27792": {
"value": "26.
Cash and cash equivalents
31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCash at bank and on hand
1 136
1 383
\nShort-term bank deposits
\n1
\n8 429
8 263
\nBank overdrafts
(28)
(18)
\n9 537
9 628
\nRestricted cash
\nThe following cash balances are restricted from immediate use:
\nClassi\ufb01eds
29
104
\nPayments and Fintech
455
339
\nEtail
41
27
\nOther ecommerce
3
44
\nTotal restricted cash
528
514
\n1 Included in short-term bank deposits is an amount of US$447m (2022: US$928m) which represents money market funds held with major banking groups and
\nhigh-quality institutions that have AAA money market fund credit ratings from internationally recognised rating agencies.
\nRestricted cash is included in cash and cash equivalents due to the fact that it mostly relates to cash held on behalf of customers.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27795": {
"value": "Accounting policy
\nCash and cash equivalents are carried in the consolidated statement of \ufb01nancial position at amortised cost (other than
\nmoney market funds) which equals the cost or face value of the asset. Cash comprise cash on hand and deposits held
\nat call with banks. Certain cash balances are restricted from immediate use according to terms with banks or other
\n\ufb01nancial institutions. For purposes of the consolidated statement of cash \ufb02ows, cash and cash equivalents are presented
\nnet of bank overdrafts.
\nCash equivalents include money market funds at fair value through pro\ufb01t or loss. These funds have a maturity of three
\nmonths or less, are highly liquid and include cash \ufb02ows which are not solely payments of principal and interest as well
\nas subject to insigni\ufb01cant changes in value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27796": {
"value": "Accounting policy
\nCash and cash equivalents are carried in the consolidated statement of \ufb01nancial position at amortised cost (other than
\nmoney market funds) which equals the cost or face value of the asset. Cash comprise cash on hand and deposits held
\nat call with banks. Certain cash balances are restricted from immediate use according to terms with banks or other
\n\ufb01nancial institutions. For purposes of the consolidated statement of cash \ufb02ows, cash and cash equivalents are presented
\nnet of bank overdrafts.
\nCash equivalents include money market funds at fair value through pro\ufb01t or loss. These funds have a maturity of three
\nmonths or less, are highly liquid and include cash \ufb02ows which are not solely payments of principal and interest as well
\nas subject to insigni\ufb01cant changes in value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27809": {
"value": "31 March 2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCash at bank and on hand
1 136
1 383
\nShort-term bank deposits
\n1
\n8 429
8 263
\nBank overdrafts
(28)
(18)
\n9 537
9 628
\nRestricted cash
\nThe following cash balances are restricted from immediate use:
\nClassi\ufb01eds
29
104
\nPayments and Fintech
455
339
\nEtail
41
27
\nOther ecommerce
3
44
\nTotal restricted cash
528
514
\n1 Included in short-term bank deposits is an amount of US$447m (2022: US$928m) which represents money market funds held with major banking groups and
\nhigh-quality institutions that have AAA money market fund credit ratings from internationally recognised rating agencies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27918": {
"value": "28. Other investments
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nInvestments at fair value through other comprehensive income
7 528
5 918
\nInvestments at fair value through pro\ufb01t or loss
34
63
\nInvestments at amortised cost
8
\u2013
\nTotal other investments
7 570
5 981
\nCurrent portion of other investments
(4 707)
\u2013
\nInvestments at fair value through other comprehensive income
(4 707)
\u2013
\nNon-current portion of other investments
2 863
5 981
\nReconciliation of investments at fair value through other comprehensive income
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening balance
5 918
4 122
\nFair value adjustments recognised in OCI
(158)
(1 210)
\nPurchases/additional contributions
\n1
\n4 724
5 646
\nLoss of signi\ufb01cant in\ufb02uence of investments in associate
830
26
\nDisposals
\n2
\n(3 775)
(45)
\nImpact of the share repurchase programme and share exchange
\n3, 4
\n10
(2 665)
\nForeign currency translation e\ufb00ects
(21)
44
\nClosing balance
7 528
5 918
\n1 Signi\ufb01cant movement in the current year relates to the Meituan dividend in specie received from Tencent. The prior year related to the acquisition of Naspers shares
\nprior to the share exchange transaction and the JD.com dividend in specie received from Tencent. Refer to note 6.
\n2 The signi\ufb01cant movement in the current year relates to the disposal of the JD.com investment. Refer to note 6.
\n3 The current period includes the movement in the residual interest in Naspers group as a result of the purchase of Naspers shares.
\n4 Signi\ufb01cant movement in prior year relates to the share exchange transaction in August 2021.
\n\n
\n
\n
Signi\ufb01cant equity investments at fair value through other comprehensive income
\nSigni\ufb01cant equity investments at fair value through other comprehensive income include the following:
\n31 March
\nFair value
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nListed investments
\nJD.com
\n1
\n\u2013
3 940
\nTrip.com Group Limited
1 130
694
\nSinch AB
\n2
\n\u2013
105
\nMeituan
\n3
\n4 707
\u2013
\nUdemy
\n4
\n151
\u2013
\nDoorDash Inc.
\n5
\n51
\u2013
\nOther
5
26
\n6 044
4 765
\nUnlisted investments
\nBYJU'S
\n4
\n493
\u2013
\nResidual interest in the Naspers group
\n6
\n206
385
\nGoStudent
160
226
\nUrbanclap Technologies
84
84
\nCreditas Financial Solutions Limited
62
62
\nOda Norway AS
\n4
\n45
\u2013
\nPantera Venture Funds
41
26
\nWayFlyer
43
25
\nPrimrose Hill (ZestMoney)
\u2013
38
\nMensa Brand Technologies (Mensa Brands)
27
25
\nSandbox
13
33
\nSpotdraft
\n7
\n24
\u2013
\nStockbit
22
13
\nWolt Enterprises Oy
\n5
\n\u2013
70
\nOther
264
166
\n1 484
1 153
\nTotal other investments
7 528
5 918
\n1 The group obtained its interest in JD.com as a dividend in specie declared from Tencent. The group disposed of this investment in the current year. Refer to note 6.
\n2 The group disposed of this investment in the current year.
\n3 The group obtained its interest in Meituan as a dividend in specie declared from Tencent. Refer to note 6.
\n4 The group lost signi\ufb01cant in\ufb02uence during the current year due to the loss of board representation.
\n5 The group exchanged its investment in Wolt for an investment in DoorDash Inc.
\n6 The group recognised a residual interest in the Naspers group as a result of the share exchange transaction in prior year. Refer to note 5.
\n7 The group acquired this investment during the current year.
\nFair value gains or losses on investments held at fair value through other comprehensive income are not reclassi\ufb01ed to the
\nconsolidated income statement. These investments are not held for trading.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28147": {
"value": "29.
Trade and \ufb01nancing receivables
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCarrying value
\nTrade and \ufb01nancing receivable, gross
729
489
\nTrade receivable, gross
276
235
\nFinancing receivable, gross
\n1
\n453
254
\nLess:
Allowance for impairment of trade receivables
(70)
(28)
\n659
461
\nLess:
non-current portion of trade and \ufb01nancing receivables
\n1
\n(133)
(91)
\nCurrent portion of trade and \ufb01nancing receivables
526
370
\nThe movement in the allowance for impairment of trade and \ufb01nancing receivables during the
\nyear was as\u00a0follows:
\nOpening balance
(28)
(28)
\nAdditional allowances charged to the income statement
(58)
(22)
\nAllowances reversed through the income statement
14
16
\nAllowances utilised
\u2013
6
\nTransferred to assets classi\ufb01ed as held for sale
1
\u2013
\nForeign currency translation e\ufb00ects
1
\u2013
\nClosing balance
(70)
(28)
\n1 Financing receivables relate to the group\u2019s credit business. The credit business provides \ufb01nancing for goods sold and credit o\ufb00erings provided. The non-current
\nportion relates to the \ufb01nancing receivables for the credit business.
\nThe group\u2019s maximum exposure to credit risk at the reporting date is the carrying value of the trade and \ufb01nancing receivables
\nmentioned above. The group does not hold any form of collateral as security relating to trade receivables. Refer to note 40 for the
\ngroup\u2019s credit risk management.
\nAt 31 March 2023 and 2022, the total allowance for impairment of trade and \ufb01nancing receivables comprised both portfolio
\nallowances and speci\ufb01c allowances. The majority of the allowance related to a portfolio allowance, which cannot be identi\ufb01ed
\nwith speci\ufb01c receivables. The portfolios are based on the nature of the receivables, the revenue stream and geographic region.
\nThe group recognises an allowance for expected credit losses for its trade and \ufb01nancing receivables. The expected credit loss
\nassessment incorporates historical and forward-looking information, taking into account all reasonable and supportable
\ninformation about the likelihood that counterparties would breach their agreed payment terms and any deterioration of their
\ncredit ratings. Where relevant, additional expected credit losses were accounted for when deemed necessary. The increase in the
\nexpected credit losses in the current year relate primarily to the trade and \ufb01nancing receivables of the OLX Autos business as a
\nresult of the decision to exit the business. The OLX Autos trade and \ufb01nancing receivables included above relate to the operations
\nwhose exit process has not been \ufb01nalised as at 31 March 2023 and are presented as continuing operations. Overall, the
\nexpected credit loss allowance did not have a material impact on the group\u2019s trade receivables for the year ended
\n31\u00a0March\u00a02023 and 31 March 2022.
\nThe ageing of trade and \ufb01nancing receivables as well as the amount of the impairment allowance per age class is presented below:
\nTrade receivables
\n31 March 2023
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nImpairment
\nUS$\u2019m
\nExpected
\nloss rate
\n(%)
\nCarrying
\nvalue
\nUS$\u2019m
\nImpairment
\nUS$\u2019m
\nExpected
\nloss rate
\n(%)
\nCurrent
198
(1)
1
145
(1)
1
\nPast due 30 to 59 days
30
(4)
13
51
(3)
6
\nPast due 60 to 89 days
11
(1)
9
5
(1)
20
\nPast due 90 to 119 days
4
(1)
25
5
(1)
20
\nPast due 120 days and older
33
(21)
64
29
(13)
45
\n276
(28)
235
(19)
Financing receivables
\n31 March 2023
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\n12- month
\nExpected
\ncredit
\nloss
\nUS$\u2019m
\nExpected
\nloss rate
\n(%)
\nCarrying
\nvalue
\nUS$\u2019m
\n12-month
\nexpected
\ncredit
\nloss
\nUS$\u2019m
\nExpected
\nloss rate
\n(%)
\nCurrent
408
(17)
4
237
(1)
\u2013
\nPast due 30 to 59 days
13
(4)
31
2
(1)
50
\nPast due 60 to 89 days
9
(4)
44
1
\u2013
\u2013
\nPast due 90 to 119 days
10
(6)
60
1
\u2013
\u2013
\nPast due 120 days and older
13
(11)
85
13
(7)
54
\n453
(42)
254
(9)
35.
Other receivables
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nPrepayments
158
191
\nAccrued income
\n1, 7
\n65
46
\nSta\ufb00 debtors
\n7
\n3
1
\nVAT and related taxes receivable
100
147
\nMerchant and bank receivables
\n2, 7
\n346
342
\nSundry deposits
6
17
\nInterest receivable on cross-currency interest rate swap
\n7
\n\u2013
2
\nDisposal proceeds receivable
\n3, 7
\n118
21
\nService provider receivable
\n7
\n\u2013
4
\nLoan receivable
\n4, 7
\n22
20
\nOther receivables
\n6, 7
\n54
23
\nTotal other receivables
872
814
\nLess:
Non-current portion of other receivables
\n5
\n(43)
(41)
\nCurrent portion of other receivables
829
773
\n1 Relates to revenue from contracts with customers. Refer to note 13 for movements in accrued income balances.
\n2 Merchant and bank receivables are presented net of an allowance for expected impairment (credit) losses of US$4m (2022: US$4m). Refer to note 40 for details of
\nthe group\u2019s credit risk management policy.
\n3 The current year includes proceeds receivable from the sale of Tencent shares. Refer to note 6.
\n4 Loan receivables are presented net of an allowance for expected impairment (credit) losses of US$nil (2022: US$7m).
\n5 Relates to non-current prepaid rental deposits, loan receivables and employment- linked prepayments.
\n6 Includes \ufb01nancial assets of US$48m (2022: US$23m).
\n7 These items are classi\ufb01ed as \ufb01nancial assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28375": {
"value": "Accounting policy
\nFinancial liabilities are recognised when the group becomes party to the contractual provisions of the relevant
\ninstrument. The group classi\ufb01es \ufb01nancial liabilities at amortised cost or at fair value through pro\ufb01t or loss.
\nOther \ufb01nancial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. Interest
\nexpense and foreign exchange gains and losses on these \ufb01nancial liabilities are recognised in the consolidated income
\nstatement. Other \ufb01nancial liabilities comprise primarily trade and other payables, borrowings and written put option
\nliabilities. These \ufb01nancial liabilities are initially recognised at fair value, net of transaction costs.
\nWritten put option liabilities represent contracts that impose (or may potentially impose) an obligation on the group to
\npurchase its own equity instruments (including the shares of a subsidiary) for cash or another \ufb01nancial asset. Written put
\noption liabilities are initially raised from the \u2018Existing control business combination reserve\u2019 in equity at the present value
\nof the expected redemption amount payable. Simultaneously, the group may still recognise non-controlling interest where
\nthe risks and rewards of ownership are not deemed to have been transferred to the group on initial recognition of the
\nwritten put option liability. Subsequent revisions to the expected redemption amount payable as well as the unwinding of
\nthe discount related to the measurement of the present value of the written put option liability, are recognised in \u2018Existing
\ncontrol business combination reserve\u2019 in equity. Where a written put option liability expires unexercised or is cancelled,
\nthe carrying value of the \ufb01nancial liability is derecognised through the \u2018Existing control business combination reserve\u2019 in
\nequity.
\nWritten put options that provide the group with the discretion to settle its obligations in the group\u2019s own equity
\ninstruments (including the shares of a subsidiary) are also accounted for as outlined above. Written put option liabilities
\nare presented within \u2018Other non-current liabilities and other current liabilities\u2019 in the consolidated statement of \ufb01nancial
\nposition. Written put option liabilities that are linked to a committed employment period are accounted for as share-
\nbased compensation bene\ufb01ts. The expected redemption amounts payable for these written put options is dependent on
\nthe completion of an employment service period (refer to share-based compensation accounting policy).
\nFinancial liabilities are presented as current liabilities if payment is due or could be demanded within 12 months (or in
\nthe normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
\nFinancial liabilities are o\ufb00set and the net amount reported in the consolidated statement of \ufb01nancial position when there
\nis a legally enforceable right to o\ufb00set the recognised amounts and there is an intention to settle on a net basis.
\nFinancial liabilities are derecognised when the contractual obligation is discharged, cancelled or when it expires.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28376": {
"value": "Accounting policy
\nFinancial liabilities are recognised when the group becomes party to the contractual provisions of the relevant
\ninstrument. The group classi\ufb01es \ufb01nancial liabilities at amortised cost or at fair value through pro\ufb01t or loss.
\nOther \ufb01nancial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. Interest
\nexpense and foreign exchange gains and losses on these \ufb01nancial liabilities are recognised in the consolidated income
\nstatement. Other \ufb01nancial liabilities comprise primarily trade and other payables, borrowings and written put option
\nliabilities. These \ufb01nancial liabilities are initially recognised at fair value, net of transaction costs.
\nWritten put option liabilities represent contracts that impose (or may potentially impose) an obligation on the group to
\npurchase its own equity instruments (including the shares of a subsidiary) for cash or another \ufb01nancial asset. Written put
\noption liabilities are initially raised from the \u2018Existing control business combination reserve\u2019 in equity at the present value
\nof the expected redemption amount payable. Simultaneously, the group may still recognise non-controlling interest where
\nthe risks and rewards of ownership are not deemed to have been transferred to the group on initial recognition of the
\nwritten put option liability. Subsequent revisions to the expected redemption amount payable as well as the unwinding of
\nthe discount related to the measurement of the present value of the written put option liability, are recognised in \u2018Existing
\ncontrol business combination reserve\u2019 in equity. Where a written put option liability expires unexercised or is cancelled,
\nthe carrying value of the \ufb01nancial liability is derecognised through the \u2018Existing control business combination reserve\u2019 in
\nequity.
\nWritten put options that provide the group with the discretion to settle its obligations in the group\u2019s own equity
\ninstruments (including the shares of a subsidiary) are also accounted for as outlined above. Written put option liabilities
\nare presented within \u2018Other non-current liabilities and other current liabilities\u2019 in the consolidated statement of \ufb01nancial
\nposition. Written put option liabilities that are linked to a committed employment period are accounted for as share-
\nbased compensation bene\ufb01ts. The expected redemption amounts payable for these written put options is dependent on
\nthe completion of an employment service period (refer to share-based compensation accounting policy).
\nFinancial liabilities are presented as current liabilities if payment is due or could be demanded within 12 months (or in
\nthe normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
\nFinancial liabilities are o\ufb00set and the net amount reported in the consolidated statement of \ufb01nancial position when there
\nis a legally enforceable right to o\ufb00set the recognised amounts and there is an intention to settle on a net basis.
\nFinancial liabilities are derecognised when the contractual obligation is discharged, cancelled or when it expires.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28435": {
"value": "30. Long-term liabilities
\n31 March 2023
31 March 2022
\nLong-term
\nliabilities
\nUS$\u2019m
\nCurrent
\nportion
\nUS$\u2019m
\nTotal
\nliabilities
\nUS$\u2019m
\nLong-term
\nliabilities
\nUS$\u2019m
\nCurrent
\nportion
\nUS$\u2019m
\nTotal
\nliabilities
\nUS$\u2019m
\nInterest-bearing
15 746
379
16 125
15 811
281
16 092
\nCapitalised lease liabilities
150
54
204
200
63
263
\nLoans and other liabilities
15 596
325
15 921
15 611
218
15 829
\nNon-interest-bearing
22
88
110
50
31
81
\nLoans and other liabilities
22
88
110
50
31
81
\nTotal liabilities
15 768
467
16 235
15 861
312
16 173
\nInterest-bearing: Capitalised lease liabilities
\nType of lease
\nCurrency of
\nyear-end
\nbalance
\nYear of \ufb01nal
\nrepayment
\nWeighted
\naverage
\ninterest
\nrate
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nBuildings
Various
2023 \u2013 2037
1.28% \u2013 9.22%
167
226
\nComputers, furniture and o\ufb03ce equipment
Various
2023 \u2013 2027
2.90% \u2013 8.85%
16
21
\nVehicles
Various
2023 \u2013 2029
1.50% \u2013 6.32%
21
16
\nTotal capitalised lease liabilities
204
263
\nMaturity pro\ufb01le
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nMinimum instalments
\nPayable within year one
58
65
\nPayable within year two
50
68
\nPayable within year three
37
45
\nPayable within year four
31
38
\nPayable within year \ufb01ve
18
30
\nPayable after year \ufb01ve
29
41
\n223
287
\nFuture \ufb01nance costs on capitalised lease liabilities
(19)
(24)
\nPresent value of capitalised lease liabilities
204
263
\nPresent value
\nPayable within year one
54
63
\nPayable within year two
46
64
\nPayable within year three
33
41
\nPayable within year four
27
33
\nPayable within year \ufb01ve
16
26
\nPayable after year \ufb01ve
28
36
\nPresent value of capitalised lease liabilities
204
263
\n
\n
\n
\n
Interest-bearing: Loans and other liabilities
\nAsset
\nsecured
\nCurrency of
\nyear-end
\nbalance
\nYear of
\n\ufb01nal
\nrepayment
\nWeighted
\naverage
\nyear-end
\ninterest
\nrate
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nUnsecured
\n1
\nPublicly traded bond
US$
2025
5.50%
225
225
\nPublicly traded bond
EUR
2026
1.21%
543
553
\nPublicly traded bond
US$
2027
4.85%
614
614
\nPublicly traded bond
US$
2027
3.26%
1 000
1 000
\nPublicly traded bond
EUR
2029
1.29%
1 084
1 107
\nPublicly traded note
\n2
\nEUR
2028
1.54%
921
941
\nPublicly traded bond
US$
2030
3.68%
1 250
1 250
\nPublicly traded bond
EUR
2030
2.09%
650
664
\nPublicly traded bond
US$
2031
3.06%
1 850
1 850
\nPublicly traded bond
US$
2032
4.19%
1 000
1 000
\nPublicly traded note
\n3
\nEUR
2032
2.03%
813
830
\nPublicly traded bond
EUR
2033
1.99%
921
941
\nPublicly traded bond
EUR
2034
2.78%
705
719
\nPublicly traded bond
US$
2050
4.03%
1 000
1 000
\nPublicly traded bond
US$
2051
3.83%
1 500
1 500
\nPublicly traded bond
US$
2052
4.99%
1 250
1 250
\nVarious institutions
Various
Various
Various
77
19
\nSecured
\n4
\nSyndicated facility
Debtors
\nbook
\nINR
2023 \u2013
\n2025
\n3.55% \u2013
\n11.35%
\n190
\u2013
\nFondo de Inversion Activa
CLP
2024
10.5%
55
40
\nExim Bank S.A. and Rai\ufb00eisen Bank
\n5
\nEUR
2028
EURIBOR
\n1M + 1.41%
\n30
41
\nExim Bank S.A.
EUR
2029
EURIBOR
\n1M + 1.6%
\n17
14
\nRai\ufb00eisen Bank
Building
EUR
2031
EURIBOR
\n3M + 1.6%
\n45
30
\nVarious institutions
Various
Various
Various
130
193
\nTotal facilities
15 870
15 781
\nUnamortised loan costs
(87)
(93)
\nPremium on euro bonds
\n2, 3
\n14
17
\nAccrued interest
124
124
\n15 921
15 829
\n1 The publicly traded bonds are listed on the Irish Stock Exchange (Euronext Dublin). Refer to note 23.
\n2 The bond maturing in 2028 was issued in two tranches. The second tranche was issued at an issue price of 102.381% (plus \u20ac1.9m representing 127-days accrued
\ninterest in respect of the period from, and including, 3 August 2020), resulting in a premium of \u20ac8.3m which is included in the fair value of the bond at initial
\nrecognition and is subsequently released over the term of the bond.
\n3 The bond maturing in 2032 was issued in two tranches. The second tranche was issued at an issue price of 103.020% (plus \u20ac1.8m representing 127-days accrued
\ninterest in respect of the period from, and including, 3 August 2020), resulting in a premium of \u20ac7.6m which is included in the fair value of the bond at initial
\nrecognition and is subsequently released over the term of the bond.
\n4 Refer to note 43 for details of the group\u2019s assets pledged as collateral.
\n5 The loan is a joint facility between Exim Bank and Rai\ufb00eisen Bank.
\n\n\n
\n
\n\n
\nNon-interest-bearing: Loans and other liabilities
\nLoans
\nAsset
\nsecured
\nCurrency of
\nyear-end
\nbalance
\nYear of
\n\ufb01nal
\nrepayment
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nUnsecured
\nEarn-out obligations
Various
Conditional
109
20
\nPreference shares liability
BRL
2023
\u2013
61
\nOther
Various
Various
1
\u2013
\n110
81
\nTotal long-term liabilities
\nRepayment terms of long-term liabilities
\n(excluding capitalised lease liabilities)
\nPayable within year one
460
266
\nPayable within year two
90
104
\nPayable within year three
870
16
\nPayable within year four
1 015
792
\nPayable within year \ufb01ve
630
1 012
\nPayable after year \ufb01ve
13 039
13 796
\n16 104
15 986
\nPremium on euro bonds
14
17
\nUnamortised loan costs
(87)
(93)
\n16 031
15 910
\nInterest rate pro\ufb01le of long-term liabilities
\n(long and short-term portion, including capitalised
\nlease liabilities)
\nLiabilities at \ufb01xed rates: one to 12 months
379
157
\nLiabilities at \ufb01xed rates: more than 12 months
15 543
15 801
\nInterest-free loans
110
81
\nLiabilities linked to variable rates
203
134
\n16 235
16 173
\n
\n
\n
\n
Reconciliation of liabilities arising from \ufb01nancing activities
\n31 March 2023
\nCapitalised
\nlease
\nliabilities
\nUS$\u2019m
\nInterest-
\nbearing
\nliabilities
\nUS$\u2019m
\nNon-interest-
\nbearing
\nliabilities
\nUS$\u2019m
\nBalance at 1 April 2022
263
15 829
81
\nAdditional earn-outs recognised
\u2013
\u2013
88
\nAdditional liabilities recognised
118
102
2
\nAdditional working capital liabilities recognised
\u2013
169
\u2013
\nSettlement of preference share liability
\u2013
\u2013
(61)
\nRepayments of capital portion of leases and long and short-term loans
(51)
(55)
(1)
\nRepayments of interest on capitalised lease liabilities
(11)
\u2013
\u2013
\nInterest accrued
11
469
\u2013
\nInterest paid
\u2013
(469)
\u2013
\nAcquisition of subsidiary
\u2013
(2)
\u2013
\nAmortisation of transaction costs
(1)
7
\u2013
\nForeign exchange translation
(23)
(128)
6
\nTransfer to held for sale
(100)
\u2013
\u2013
\nOther
(2)
(1)
(5)
\nBalance at 31 March 2023
204
15 921
110
\nLess:
Current portion
(54)
(325)
(88)
\nNon-current liabilities
150
15 596
22
\n31 March 2022
\nCapitalised
\nlease
\nliabilities
\nUS$\u2019m
\nInterest-
\nbearing
\nliabilities
\nUS$\u2019m
\nNon-interest-
\nbearing
\nliabilities
\nUS$\u2019m
\nBalance at 1 April 2021
227
7 970
66
\nAdditional liabilities recognised
82
9 549
15
\nRepayments of capital portion of leases and long and short-term loans
\n1
\n(51)
(1 402)
\u2013
\nRepayment of interest on capitalised lease liabilities
(10)
\u2013
\u2013
\nInterest accrued
10
331
\u2013
\nInterest paid
\u2013
(287)
\u2013
\nAcquisition of subsidiary
10
\u2013
\u2013
\nDisposal of subsidiary
(1)
\u2013
\u2013
\nAmortisation of transaction costs
\u2013
8
\u2013
\nCapitalisation of transaction costs
\u2013
(52)
\u2013
\nForeign exchange translation
(4)
(288)
\u2013
\nBalance at 31 March 2022
263
15 829
81
\nLess:
Current portion
(63)
(218)
(31)
\nNon-current liabilities
200
15 611
50
\n1 Repayment of long and short-term loans in the consolidated statement of cash \ufb02ows includes US$217m relating to the early settlement of bonds. This was included
\nin other \ufb01nance cost on the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29152": {
"value": "31. Other non-current liabilities
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nWritten put option liabilities
\n1
\n899
1 158
\nPost-employment liabilities
\u2013
2
\nDeferred income
9
16
\nTotal other liabilities
908
1 176
\nLess:
Current portion of other liabilities
(773)
(1 014)
\nNon-current portion of other liabilities
135
162
\n1 Relates to put options written over the non-controlling interests in the group\u2019s Dante International S.A. (eMAG), Extreme Digital Hungary (eMAG Hungary), Movile
\nInternet Movel S.A., PaySense Private Limited, GoodHabitz and various other smaller ecommerce units.
\nDuring the year, the group recognised an aggregate gain on the remeasurement of written put option liabilities of US$168m
\n(2022: US$236m). The movement in the written put option liability in the current year is predominantly due to the cancellation of
\nwritten put option liabilities, changes in the non-controlling interests ownership of the subsidiaries and a decrease in the
\nenterprise values used to determine the expected redemption amount payable. Enterprise values decreased due to the current
\ndownturn in the macroeconomic environment. In the prior year the remeasurement was predominantly due to a decline in the
\ngroup\u2019s ecommerce subsidiaries enterprise values used to determine the expected redemption amount payable.
\nThe maturity pro\ufb01le of the group\u2019s written put option liabilities is detailed in the table below and re\ufb02ects the \ufb01rst date on which
\nthe respective written put options can be contractually exercised:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nExercisable within one year
773
1 014
\nExercisable after two to \ufb01ve years
126
144
\nTotal other liabilities
899
1 158
\nThe group has the contractual discretion to settle all written put option obligations either in cash, Naspers N or Prosus ordinary
\nshares N.
\nThe majority of the group\u2019s written put option liabilities are exercisable when non-controlling shareholders exercise their put option
\nright during the exercisable period, request an initial public o\ufb00ering (IPO) of the relevant group subsidiary and the IPO is either
\ndeclined by the group or is ultimately unsuccessful.
\nSensitivity analysis
\nThe measurement of written put option liabilities is based on the value of the underlying businesses, calculated either through
\na\u00a0discounted cash \ufb02ow analysis or through transaction prices observed in orderly transactions. Accordingly, the measurement of
\nwritten put option liabilities is subject to signi\ufb01cant estimation uncertainty. At 31 March 2023, 98% (2022: 84%) of the total balance
\nof written put option liabilities have been measured using discounted cash \ufb02ow analyses based on the relevant group subsidiary
\n10-year budgeted cash \ufb02ow and forecasts. The valuations were determined using the same inputs and methodology used in the
\nvalue in use calculations for the goodwill impairment assessment. Refer to note 7.
\n
\n
\n
\n
The following analysis illustrates the sensitivity of written put option liabilities to reasonable changes in the most signi\ufb01cant
\nunderlying variables used in their measurement:
\n31 March
\nIncrease/(decrease) in written put option liabilities and loss/(gain) in equity
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\n1% increase in the discount rate and a 1% decrease in the terminal growth rate
(28)
(99)
\n1% decrease in the discount rate and a 1% increase the terminal growth rate
91
275
\nOther assumptions contained in the discounted cash \ufb02ow analyses as at 31 March 2023 used by the group when valuing written
\nput option liabilities vary widely between obligations due to the group\u2019s diverse range of business models and are closely linked
\nto entity-speci\ufb01c key performance indicators taking into account the impact of the shift to online ecommerce platforms, the
\nbroader market expectations in the technology industry in which the entities operate and the 10-year performance projections
\nused for the entities.
\nMovements during the year on the group\u2019s written put option liabilities are detailed below. Cash \ufb02ows arising from the settlement
\nof written put option liabilities are presented as part of \ufb01nancing activities in the consolidated statement of cash \ufb02ows.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening balance
1 158
1 267
\nAdditional obligations raised
7
157
\nRemeasurements recognised in equity
(168)
(236)
\nSettlements
(18)
\u2013
\nExpirations and cancellations
(41)
(81)
\nForeign currency translation e\ufb00ects
(39)
51
\nClosing balance
899
1 158 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29322": {
"value": "32.
Property, plant and equipment
Land and
\nbuildings
\nUS$\u2019m
\nComputers
\nand o\ufb03ce
\nequipment
\nUS$\u2019m
\nFurniture
\nand \ufb01ttings
\nUS$\u2019m
\nOther
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\n1 April 2022
\nCost
536
197
107
30
870
\nAccumulated depreciation and impairment
(163)
(82)
(37)
(10)
(292)
\nCarrying value at 1 April 2022
373
115
70
20
578
\nForeign currency translation e\ufb00ects
17
1
3
\u2013
21
\nTransferred to assets classi\ufb01ed as held for\u00a0sale
\n1, 2
\n(110)
(43)
(15)
(1)
(169)
\nAcquisitions of assets
64
54
25
2
145
\nAcquisitions of right-of-use assets
96
7
5
11
119
\nDisposals/scrappings
(14)
(3)
(8)
(4)
(29)
\nImpairment
\n3
\n(7)
(4)
(2)
(1)
(14)
\nDepreciation
\n4
\n(68)
(31)
(11)
(7)
(117)
\n31 March 2023
\nCost
511
174
105
33
823
\nAccumulated depreciation and impairment
(160)
(78)
(38)
(13)
(289)
\nCarrying value at 31 March 2023
351
96
67
20
534
\nWork in progress at 31 March 2023
86
\nTotal carrying value at 31 March 2023
620
\n1 Includes US$11m foreign currency translation gains related primarily to Avito that was classi\ufb01ed to held for sale prior to its disposal in October 2022.
\n2 This relates to Avito which was classi\ufb01ed as held for sale in May 2022 prior to its disposal in October 2022 as well as the OLX Autos disposal group classi\ufb01ed as
\nheld for sale in March 2023. Refer to note 5.
\n3 Includes impairment of US$11m related to the OLX Autos business unit.
\n4 Includes depreciation of US$15m related to Avito and the OLX Autos business unit prior to the classi\ufb01cation as held for sale.
\nLand and
\nbuildings
\nUS$\u2019m
\nComputers
\nand o\ufb03ce
\nequipment
\nUS$\u2019m
\nFurniture
\nand \ufb01ttings
\nUS$\u2019m
\nOther
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\n1 April 2021
\nCost
388
112
65
21
586
\nAccumulated depreciation and impairment
(105)
(50)
(29)
(7)
(191)
\nCarrying value at 1 April 2021
283
62
36
14
395
\nForeign currency translation e\ufb00ects
(16)
(5)
2
(2)
(21)
\nAcquisitions of subsidiaries and businesses
10
5
\u2013
1
16
\nDisposals of subsidiaries and businesses
(1)
(1)
\u2013
\u2013
(2)
\nAcquisitions of assets
89
73
46
3
211
\nAcquisitions of right-of-use assets
82
13
\u2013
11
106
\nDisposals/scrappings
(8)
\u2013
(2)
(1)
(11)
\nDepreciation
\n1
\n(66)
(32)
(12)
(6)
(116)
\n31 March 2022
\nCost
536
197
107
30
870
\nAccumulated depreciation and impairment
(163)
(82)
(37)
(10)
(292)
\nCarrying value at 31 March 2022
373
115
70
20
578
\nWork in progress at 31 March 2022
26
\nTotal carrying value at 31 March 2022
604
\n1 Includes depreciation of US$29m that was reclassi\ufb01ed to discontinued operations. Refer to note 5.
\nThe carrying value of work in progress mainly comprises buildings and equipment.
The group recognised US$14m (2022: US$nil) impairment losses on property, plant and equipment. No impairment losses (2022:
\nUS$nil) were recognised within work in progress. US$14m (2022: US$nil) of the impairment losses have been included in \u2018Other
\n(losses)/gains \u2013 net\u2019 in the consolidated income statement.
\nThe carrying values and depreciation of right-of-use assets included in property, plant and equipment are as follows:
\n31 March 2023
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nDepreciation
\ncharge for
\nthe year
\nUS$\u2019m
\nCarrying
\nvalue
\nUS$\u2019m
\nDepreciation
\ncharge for
\nthe year
\nUS$\u2019m
\nVehicles
17
(5)
16
(5)
\nBuildings
156
(56)
203
(55)
\nComputers, furniture and o\ufb03ce equipment
22
(7)
21
(6)
\n195
(68)
240
(66)
\nIncluded in the acquisition of property, plant and equipment is an amount of US$119m (2022: US$109m) relating to leased assets,
\nwhich are non-cash in nature. Refer to note 43 for details of the group\u2019s assets pledged as collateral.
\nThe group\u2019s leases do not impose covenants, but leased assets may not be used as security for borrowing purposes.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29325": {
"value": "Accounting policy
\nProperty, plant and equipment comprises owned and leased assets.
\nProperty, plant and equipment are stated at cost, being the purchase cost plus costs to prepare the assets for their
\nintended use, less accumulated depreciation and accumulated impairment losses. Cost includes transfers from equity of
\ngains/losses on qualifying cash \ufb02ow hedges relating to foreign currency property, plant and equipment acquisitions.
\nProperty, plant and equipment, with the exception of land, are depreciated in equal annual amounts over each asset\u2019s
\nestimated useful life to their residual values. Land is not depreciated as it is deemed to have an inde\ufb01nite life.
\nDepreciation periods vary in accordance with the conditions in the relevant industries, but are subject to the following
\nrange of useful lives:
\nClass of asset
Owned
Leased
\nBuildings
5 to 50 years
2 to 10 years
\nComputer equipment
2 to 3 years
2 to 3 years
\nManufacturing equipment
2 to 12 years
2 to 4 years
\nImprovements to buildings
2 to 12 years
3 to 5 years
\nO\ufb03ce equipment, furniture and \ufb01ttings
2 to 12 years
2 to 4 years
\nVehicles
2 to 5 years
2 to 5 years
\nWhere parts of property, plant and equipment require replacement at regular intervals, the carrying value of an item of
\nproperty, plant and equipment includes the cost of replacing the part when that cost is incurred, if it is probable that
\nfuture economic bene\ufb01ts will \ufb02ow to the group and the cost can be reliably measured. The carrying values of the parts
\nreplaced are derecognised on capitalisation of the cost of the replacement part. Each component of an item of
\nproperty, plant and equipment with a cost that is signi\ufb01cant in relation to the total cost of the item is depreciated
\nseparately where it has an estimated useful life that di\ufb00ers from that of the item as a whole.
\nMajor leasehold improvements are amortised over the shorter of the respective lease terms and estimated useful lives.
\nSubsequent costs, including major renovations, are included in an asset\u2019s carrying value or recognised as a separate
\nasset, as appropriate, only when it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the
\ngroup and the cost of the item can be measured reliably. Repairs and maintenance are charged to the consolidated
\nincome statement.
\nThe residual values and useful lives of property, plant and equipment are reviewed, and adjusted if appropriate, at each
\nstatement of \ufb01nancial position date. Gains and losses on disposals are determined by comparing the proceeds to the
\nasset\u2019s carrying value and are recognised in \u2018Other (losses)/gains \u2013 net\u2019 in the consolidated income statement.
\nWork in progress are assets still in the construction phase and not yet available for use. These assets are carried at cost
\nand are not depreciated. Depreciation commences once the assets are available for use as intended by management.
\nBorrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalised as part of the
\ncost of those assets. All other borrowing costs are expensed as incurred. A qualifying asset is an asset that takes more
\nthan a year to get ready for its intended use.
\nLeased assets
\nAt inception of a contract, the group assesses whether a contract is or contains a lease. A contract is, or contains a
\nlease if it conveys a right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. The
\ngroup\u2019s leasing arrangements relate primarily to o\ufb03ce buildings, warehouse space, equipment and vehicles. Lease
\nagreements are generally entered into for \ufb01xed periods of between two and 10 years, depending on the nature of the
\nunderlying asset being leased.
Lessee accounting
\nThe group recognises all leases (with limited exceptions) as right-of-use assets and obligations to make lease payments
\n(lease liabilities) from the lease commencement date.
\nThe right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment. The cost includes
\nthe initial amount of the respective lease liability adjusted for lease payments made before the commencement date of
\nthe lease, plus initial direct costs incurred and estimated costs to dismantle or destroy the underlying asset, less lease
\nincentives received, where applicable. The right-of-use asset is subsequently depreciated using the straight-line method
\nover the earlier of the useful life of the underlying asset or the period of the lease term. In addition, the right-of-use asset
\nis reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments, discounted using the interest
\nrate\u00a0implicit in the lease and where that rate cannot be readily determined the group entity uses the incremental
\nborrowing rate.
\nThis is the rate of interest that the group entity would have to pay to borrow the funds necessary to obtain an asset of
\na\u00a0similar value to the respective right-of-use asset in a similar economic environment.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u00bb
\ufb01xed payments;
\n\u00bb
variable lease payments that depend on an index or rate;
\n\u00bb
amounts expected to be payable under residual value guarantees;
\n\u00bb
amounts in an optional renewal lease period if the group is reasonably certain to exercise an extension option;
\n\u00bb
the exercise price of a purchase option that the group is reasonably certain to exercise; and
\n\u00bb
penalties for early termination of the lease, unless the group is reasonably certain not to terminate the lease early.
\nThe lease liability is measured at amortised cost using the e\ufb00ective interest rate method. It is remeasured where there
\nis\u00a0a change in future lease payments, a change in the group\u2019s estimate of amounts expected to be payable under a
\nresidual value guarantee or if the group changes its assessment of whether it will exercise a purchase, extension or
\ntermination option.
\nWhen the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
\nasset, or is recognised in the consolidated income statement if the carrying amount of the right-of-use asset has been
\nreduced to zero.
\nThe group presents right-of-use assets in \u2018Property, plant and equipment\u2019 and capitalised lease liabilities in \u2018Long-term
\nliabilities\u2019 in the consolidated statement of \ufb01nancial position.
\nThe group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease
\nterm of 12\u00a0months or less and leases of low-value assets. The group recognises the lease payments associated with
\nthese leases as an expense on a straight-line basis over the lease term.
\nThe group has applied the \u2018integrally linked\u2019 approach in respect of the tax consequences of lease contracts. At
\ninception of a lease and on the transition date no deferred taxes are recognised as no temporary di\ufb00erences arise
\nbetween the tax base and carrying amount of the net lease asset or liability (without taking into account advance
\npayments). Subsequent to initial recognition, deferred taxes are recognised when temporary di\ufb00erences arise.
\nImpairment of property, plant and equipment and other intangible assets
\nItems of property, plant and equipment and other intangible assets (with \ufb01nite useful lives) are reviewed for indicators of
\nimpairment at least annually. Indicators of impairment include, but are not limited to: signi\ufb01cant underperformance
\nrelative to expectations based on historical or projected future operating results, signi\ufb01cant changes in the manner of
\nuse of the assets or the strategy for the group\u2019s overall business and signi\ufb01cant negative industry or economic trends.
\nProperty, plant and equipment and other intangible assets still in the development phase, and not yet available for use
\n(work in progress), are tested for impairment on an annual basis. An impairment loss is recognised in \u2018Other (losses)/
\ngains \u2013 net\u2019 in the consolidated income statement when the carrying amount of an asset exceeds its
\nrecoverable\u00a0amount.
\nValue in use is the present value of estimated future cash \ufb02ows expected to arise from the continuing use of an asset
\nand from its disposal at the end of its useful life. The estimated future cash \ufb02ows are discounted to their present value
\nusing a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to
\nthe asset.
\nFair value less costs of disposal is the price that would be received to sell an asset in an orderly transaction between
\nmarket participants at the measurement date less the incremental costs directly attributable to the disposal of an asset
\nor cash-generating unit, excluding \ufb01nance costs and income tax expense.
\nFor the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
\nidenti\ufb01able cash \ufb02ows that are largely independent of the cash in\ufb02ows of other assets or groups of assets (a cash-
\ngenerating-unit level).
\nAn impairment loss recognised for an asset in prior years is reversed if there has been a change in the estimates used
\nto determine the asset\u2019s recoverable amount since the last impairment loss was recognised and the revised recoverable
\namount exceeds the carrying amount. The reversal of such an impairment loss is recognised in \u2018Other (losses)/gains \u2013
\nnet\u2019 in the consolidated income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29333": {
"value": "Depreciation periods vary in accordance with the conditions in the relevant industries, but are subject to the following
\nrange of useful lives:
\nClass of asset
Owned
Leased
\nBuildings
5 to 50 years
2 to 10 years
\nComputer equipment
2 to 3 years
2 to 3 years
\nManufacturing equipment
2 to 12 years
2 to 4 years
\nImprovements to buildings
2 to 12 years
3 to 5 years
\nO\ufb03ce equipment, furniture and \ufb01ttings
2 to 12 years
2 to 4 years
\nVehicles
2 to 5 years
2 to 5 years
\nWhere parts of property, plant and equipment require replacement at regular intervals, the carrying value of an item of
\nproperty, plant and equipment includes the cost of replacing the part when that cost is incurred, if it is probable that
\nfuture economic bene\ufb01ts will \ufb02ow to the group and the cost can be reliably measured. The carrying values of the parts
\nreplaced are derecognised on capitalisation of the cost of the replacement part. Each component of an item of
\nproperty, plant and equipment with a cost that is signi\ufb01cant in relation to the total cost of the item is depreciated
\nseparately where it has an estimated useful life that di\ufb00ers from that of the item as a whole.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29367": {
"value": "Repairs and maintenance are charged to the consolidatedincome statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29375": {
"value": "Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalised as part of the
\ncost of those assets. All other borrowing costs are expensed as incurred. A qualifying asset is an asset that takes more
\nthan a year to get ready for its intended use.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29380": {
"value": "Leased assets At inception of a contract, the group assesses whether a contract is or contains a lease. A contract is, or contains a
\nlease if it conveys a right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. The
\ngroup\u2019s leasing arrangements relate primarily to o\ufb03ce buildings, warehouse space, equipment and vehicles. Lease
\nagreements are generally entered into for \ufb01xed periods of between two and 10 years, depending on the nature of the
\nunderlying asset being leased.
\n
\n
\n
\nLessee accounting
\nThe group recognises all leases (with limited exceptions) as right-of-use assets and obligations to make lease payments
\n(lease liabilities) from the lease commencement date.
\nThe right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment. The cost includes
\nthe initial amount of the respective lease liability adjusted for lease payments made before the commencement date of
\nthe lease, plus initial direct costs incurred and estimated costs to dismantle or destroy the underlying asset, less lease
\nincentives received, where applicable. The right-of-use asset is subsequently depreciated using the straight-line method
\nover the earlier of the useful life of the underlying asset or the period of the lease term. In addition, the right-of-use asset
\nis reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments, discounted using the interest
\nrate\u00a0implicit in the lease and where that rate cannot be readily determined the group entity uses the incremental
\nborrowing rate.
\nThis is the rate of interest that the group entity would have to pay to borrow the funds necessary to obtain an asset of
\na\u00a0similar value to the respective right-of-use asset in a similar economic environment.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u00bb
\ufb01xed payments;
\n\u00bb
variable lease payments that depend on an index or rate;
\n\u00bb
amounts expected to be payable under residual value guarantees;
\n\u00bb
amounts in an optional renewal lease period if the group is reasonably certain to exercise an extension option;
\n\u00bb
the exercise price of a purchase option that the group is reasonably certain to exercise; and
\n\u00bb
penalties for early termination of the lease, unless the group is reasonably certain not to terminate the lease early.
\nThe lease liability is measured at amortised cost using the e\ufb00ective interest rate method. It is remeasured where there
\nis\u00a0a change in future lease payments, a change in the group\u2019s estimate of amounts expected to be payable under a
\nresidual value guarantee or if the group changes its assessment of whether it will exercise a purchase, extension or
\ntermination option.
\nWhen the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
\nasset, or is recognised in the consolidated income statement if the carrying amount of the right-of-use asset has been
\nreduced to zero.
\nThe group presents right-of-use assets in \u2018Property, plant and equipment\u2019 and capitalised lease liabilities in \u2018Long-term
\nliabilities\u2019 in the consolidated statement of \ufb01nancial position.
\nThe group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease
\nterm of 12\u00a0months or less and leases of low-value assets. The group recognises the lease payments associated with
\nthese leases as an expense on a straight-line basis over the lease term.
\nThe group has applied the \u2018integrally linked\u2019 approach in respect of the tax consequences of lease contracts. At
\ninception of a lease and on the transition date no deferred taxes are recognised as no temporary di\ufb00erences arise
\nbetween the tax base and carrying amount of the net lease asset or liability (without taking into account advance
\npayments). Subsequent to initial recognition, deferred taxes are recognised when temporary di\ufb00erences arise.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29470": {
"value": "Impairment of property, plant and equipment and other intangible assets
\nItems of property, plant and equipment and other intangible assets (with \ufb01nite useful lives) are reviewed for indicators of
\nimpairment at least annually. Indicators of impairment include, but are not limited to: signi\ufb01cant underperformance
\nrelative to expectations based on historical or projected future operating results, signi\ufb01cant changes in the manner of
\nuse of the assets or the strategy for the group\u2019s overall business and signi\ufb01cant negative industry or economic trends.
\nProperty, plant and equipment and other intangible assets still in the development phase, and not yet available for use
\n(work in progress), are tested for impairment on an annual basis. An impairment loss is recognised in \u2018Other (losses)/
\ngains \u2013 net\u2019 in the consolidated income statement when the carrying amount of an asset exceeds its
\nrecoverable\u00a0amount.
\nValue in use is the present value of estimated future cash \ufb02ows expected to arise from the continuing use of an asset
\nand from its disposal at the end of its useful life. The estimated future cash \ufb02ows are discounted to their present value
\nusing a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to
\nthe asset.
\nFair value less costs of disposal is the price that would be received to sell an asset in an orderly transaction between
\nmarket participants at the measurement date less the incremental costs directly attributable to the disposal of an asset
\nor cash-generating unit, excluding \ufb01nance costs and income tax expense.
\nFor the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
\nidenti\ufb01able cash \ufb02ows that are largely independent of the cash in\ufb02ows of other assets or groups of assets (a cash-
\ngenerating-unit level).
\nAn impairment loss recognised for an asset in prior years is reversed if there has been a change in the estimates used
\nto determine the asset\u2019s recoverable amount since the last impairment loss was recognised and the revised recoverable
\namount exceeds the carrying amount. The reversal of such an impairment loss is recognised in \u2018Other (losses)/gains \u2013
\nnet\u2019 in the consolidated income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29769": {
"value": "The carrying values and depreciation of right-of-use assets included in property, plant and equipment are as follows:
\n31 March 2023
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nDepreciation
\ncharge for
\nthe year
\nUS$\u2019m
\nCarrying
\nvalue
\nUS$\u2019m
\nDepreciation
\ncharge for
\nthe year
\nUS$\u2019m
\nVehicles
17
(5)
16
(5)
\nBuildings
156
(56)
203
(55)
\nComputers, furniture and o\ufb03ce equipment
22
(7)
21
(6)
\n195
(68)
240
(66)
Customer-
\nrelated
\nassets
\nUS$\u2019m
\nBrand
\nnames
\nUS$\u2019m
\nSoftware
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\n1 April 2022
\nCost
633
689
250
1 572
\nAccumulated amortisation and impairment
(240)
(306)
(111)
(657)
\nCarrying value at 1 April 2022
393
383
139
915
\nForeign currency translation e\ufb00ects
64
66
(1)
129
\nAcquisitions of subsidiaries and businesses
1
\u2013
4
5
\nDisposals of subsidiaries and businesses
\u2013
(2)
\u2013
(2)
\nAcquisitions
2
\u2013
12
14
\nTransfers from work in progress
\u2013
\u2013
15
15
\nTransferred to assets classi\ufb01ed as held for sale
\n1, 2
\n(269)
(266)
(46)
(581)
\nImpairment
\n3
\n(22)
(3)
(15)
(40)
\nAmortisation
\n4
\n(36)
(17)
(46)
(99)
\nCost
297
263
208
768
\nAccumulated amortisation and impairment
(164)
(102)
(146)
(412)
\nCarrying value at 31 March 2023
133
161
62
356
\nWork in progress at 31 March 2023
11
\nTotal carrying value at 31 March 2023
367
Customer-
\nrelated
\nassets
\nUS$\u2019m
\nBrand
\nnames
\nUS$\u2019m
\nSoftware
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\n1 April 2021
\nCost
574
624
181
1 379
\nAccumulated amortisation and impairment
(212)
(314)
(75)
(601)
\nCarrying value at 1 April 2021
362
310
106
778
\nForeign currency translation e\ufb00ects
(25)
(22)
5
(42)
\nAcquisitions of subsidiaries and businesses
103
145
61
309
\nDisposals of subsidiaries and businesses
(7)
(7)
(2)
(16)
\nAcquisitions
10
1
5
16
\nTransfer from work in progress
1
\u2013
8
9
\nDisposals
\u2013
(1)
(1)
(2)
\nAmortisation
\n1
\n(51)
(43)
(43)
(137)
\nCost
633
689
250
1 572
\nAccumulated amortisation and impairment
(240)
(306)
(111)
(657)
\nCarrying value at 31 March 2022
393
383
139
915
\nWork in progress at 31 March 2022
13
\nTotal carrying value at 31 March 2022
928
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29810": {
"value": "33.
Other intangible assets
Customer-
\nrelated
\nassets
\nUS$\u2019m
\nBrand
\nnames
\nUS$\u2019m
\nSoftware
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\n1 April 2022
\nCost
633
689
250
1 572
\nAccumulated amortisation and impairment
(240)
(306)
(111)
(657)
\nCarrying value at 1 April 2022
393
383
139
915
\nForeign currency translation e\ufb00ects
64
66
(1)
129
\nAcquisitions of subsidiaries and businesses
1
\u2013
4
5
\nDisposals of subsidiaries and businesses
\u2013
(2)
\u2013
(2)
\nAcquisitions
2
\u2013
12
14
\nTransfers from work in progress
\u2013
\u2013
15
15
\nTransferred to assets classi\ufb01ed as held for sale
\n1, 2
\n(269)
(266)
(46)
(581)
\nImpairment
\n3
\n(22)
(3)
(15)
(40)
\nAmortisation
\n4
\n(36)
(17)
(46)
(99)
\nCost
297
263
208
768
\nAccumulated amortisation and impairment
(164)
(102)
(146)
(412)
\nCarrying value at 31 March 2023
133
161
62
356
\nWork in progress at 31 March 2023
11
\nTotal carrying value at 31 March 2023
367
\n1 Includes US$39m foreign currency translation gains related primarily to Avito that was classi\ufb01ed to held for sale prior to its disposal in October 2022.
\n2 This relates to Avito which was classi\ufb01ed as held for sale in May 2022 prior to its disposal in October 2022 as well as the OLX Autos disposal group classi\ufb01ed as
\nheld for sale in March 2023. Refer to note 36.
\n3 Includes impairment of US$37m related to the OLX Autos business unit. Refer to note 5.
\n4 Includes amortisation of US$11m related to Avito and the OLX Autos business unit prior to the classi\ufb01cation as held for sale.
\nCustomer-
\nrelated
\nassets
\nUS$\u2019m
\nBrand
\nnames
\nUS$\u2019m
\nSoftware
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\n1 April 2021
\nCost
574
624
181
1 379
\nAccumulated amortisation and impairment
(212)
(314)
(75)
(601)
\nCarrying value at 1 April 2021
362
310
106
778
\nForeign currency translation e\ufb00ects
(25)
(22)
5
(42)
\nAcquisitions of subsidiaries and businesses
103
145
61
309
\nDisposals of subsidiaries and businesses
(7)
(7)
(2)
(16)
\nAcquisitions
10
1
5
16
\nTransfer from work in progress
1
\u2013
8
9
\nDisposals
\u2013
(1)
(1)
(2)
\nAmortisation
\n1
\n(51)
(43)
(43)
(137)
\nCost
633
689
250
1 572
\nAccumulated amortisation and impairment
(240)
(306)
(111)
(657)
\nCarrying value at 31 March 2022
393
383
139
915
\nWork in progress at 31 March 2022
13
\nTotal carrying value at 31 March 2022
928
\n1 Includes amortisation of US$58m that was reclassi\ufb01ed to discontinued operations. Refer to note 5.
\nThe group recognised no impairment losses on other intangible assets (2022: US$nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29813": {
"value": "Accounting policy
\nIntangible assets acquired are capitalised at cost. Intangible assets with \ufb01nite useful lives are amortised using the
\nstraight-line method over their estimated useful lives. Residual values of intangible assets are presumed to be zero and
\nalong with their useful lives are reassessed on an annual basis.
\nAmortisation periods for intangible assets with \ufb01nite useful lives vary in accordance with the conditions in the relevant
\nindustries, but are subject to the following maximum limits:
\nClass of asset
Useful life
\nPatents
5 years
\nTitle rights
10 years
\nBrand names and trademarks
25 years
\nSoftware
10 years
\nIntellectual property rights
10 years
\nCustomer-related assets
11 years
\nNo value is attributed to internally developed trademarks or similar rights and assets. The costs incurred to develop
\nthese items are charged to the consolidated income statement as incurred.
\nCosts that are directly associated with the production of identi\ufb01able and unique software products controlled by the group,
\nand which will probably generate economic bene\ufb01ts exceeding costs beyond one year, are recognised as intangible
\nassets. Direct costs include the software development team\u2019s employee costs and an appropriate portion of relevant
\noverheads. All other costs associated with developing or maintaining software programs are expensed as incurred.
\nWeb and application (app) development costs are capitalised as intangible assets if it is probable that the expected
\nfuture economic bene\ufb01ts attributable to the asset will \ufb02ow to the group and its cost can be measured reliably, otherwise
\nthese costs are expensed as incurred.
\nResearch expenditure is expensed as incurred. Costs incurred on development projects (relating to the design and
\ntesting of new or improved products) are recognised as intangible assets if the costs can be measured reliably, the
\nproducts or processes are technically and commercially feasible, future economic bene\ufb01ts are probable, and the group
\nintends to and has su\ufb03cient resources to complete development and to use or sell the asset. Development costs that do
\nnot meet these criteria are expensed as incurred.
\nWork in progress are assets still in the development phase and not yet available for use. These assets are carried at
\ncost and are not amortised but are tested for impairment at each reporting date. Amortisation commences once the
\nassets are available for use as intended by management.
\nImpairment of other intangible assets
\nRefer to note 32 for details on the accounting policy on the impairment of other intangible assets.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29843": {
"value": "Research expenditure is expensed as incurred. Costs incurred on development projects (relating to the design and
\ntesting of new or improved products) are recognised as intangible assets if the costs can be measured reliably, the
\nproducts or processes are technically and commercially feasible, future economic bene\ufb01ts are probable, and the group
\nintends to and has su\ufb03cient resources to complete development and to use or sell the asset. Development costs that do
\nnot meet these criteria are expensed as incurred.
\nWork in progress are assets still in the development phase and not yet available for use. These assets are carried at
\ncost and are not amortised but are tested for impairment at each reporting date. Amortisation commences once the
\nassets are available for use as intended by management.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30100": {
"value": "34.
Inventory
31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCarrying value
\nFinished products, trading inventory and consumables, gross
349
484
\nLess:
Allowance for slow-moving and obsolete inventories
(25)
(14)
\nNet inventory
324
470
\nThe total allowance charged to the consolidated income statement to write inventory down to net realisable value amounted to
\nUS$17m (2022: US$7m), and reversals of these allowances amounted to US$3m (2022: US$1m). Net realisable value writedowns
\nrelate primarily to inventory within the Classi\ufb01eds and Etail segments.
\nInventories are measured at the lower of cost and net realisable value. In determining the appropriate level of inventory
\nwritedowns, changes in the ageing of inventory and consumer behaviour were considered. Overall, the inventory writedown
\nduring the year ended 31 March 2023 did not have a signi\ufb01cant impact on the group\u2019s \ufb01nancial results.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30103": {
"value": "Accounting policy
\nInventory is stated at the lower of cost and net realisable value. The cost of inventory is determined on a \ufb01rst-in-\ufb01rst-out
\nbasis (FIFO) and on an exceptional basis the weighted-average method.
\nThe cost of \ufb01nished products and work in progress comprises raw materials, direct labour, other direct costs and related
\nproduction overheads, but excludes \ufb01nance costs. Costs of inventories include the transfer from other comprehensive
\nincome of gains/losses on qualifying cash \ufb02ow hedges relating to foreign currency-denominated inventory purchases.
\nNet realisable value is the estimate of the selling price, less the costs of completion and selling expenses. Net realisable
\nvalue includes allowances made for obsolete, unusable and unsaleable inventory and for latent damage \ufb01rst revealed
\nwhen inventory items are taken into use or o\ufb00ered for sale.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30235": {
"value": "36. Disposal groups classi\ufb01ed as held for sale
\nAccounting policy
\nNon-current assets and liabilities (disposal groups) are classi\ufb01ed as held for sale and presented as current assets and
\nliabilities in the consolidated statement of \ufb01nancial position, when their carrying values will be recovered principally
\nthrough a sale transaction and when such sale is considered highly probable. The assets and liabilities of disposal
\ngroups held for sale are stated at the lower of carrying value and fair value less costs of disposal. From the date on
\nwhich disposal groups are classi\ufb01ed as held for sale, the group applies the measurement provisions of IFRS 5
Non-
\ncurrent Assets Held for Sale and Discontinued Operations,
which includes, among other requirements, the cessation of
\nthe recognition of depreciation and amortisation.
In September 2022, the assets and liabilities of the group\u2019s subsidiary Zoop Tecnologia e Meios de Pagamento S.A. (Zoop) were
\nclassi\ufb01ed as held for sale following the decision to sell the investment. The group is in negotiations with potential buyers.
\nIn March 2023, the group announced the decision to exit the OLX Autos business unit. The disposal group that is classi\ufb01ed as
\nheld for sale consists of assets and liabilities of the operations that management has committed to a plan to sell. E\ufb00orts to sell
\nthe disposal group are in progress and is expected in the 2024 \ufb01nancial year.
\nThe assets and liabilities classi\ufb01ed as held for sale are detailed in the table below:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nAssets
649
38
\nProperty, plant and equipment
26
\u2013
\nGoodwill
302
\u2013
\nOther intangible assets
29
\u2013
\nInvestments in associates
\u2013
38
\nInventory
32
\u2013
\nDeferred taxation assets
2
\u2013
\nTrade and other receivables
164
\u2013
\nCash and cash equivalents
\n1
\n94
\u2013
\nLiabilities
276
\u2013
\nDerivative \ufb01nancial instruments
1
\u2013
\nDeferred taxation liabilities
13
\u2013
\nLong-term liabilities
29
\u2013
\nProvisions
2
\u2013
\nTrade payables
165
\u2013
\nAccrued expenses and other current liabilities
66
\u2013
\n1 Included in cash and cash equivalents is US$45m relating to restricted cash from Zoop.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30238": {
"value": "Accounting policy
\nNon-current assets and liabilities (disposal groups) are classi\ufb01ed as held for sale and presented as current assets and
\nliabilities in the consolidated statement of \ufb01nancial position, when their carrying values will be recovered principally
\nthrough a sale transaction and when such sale is considered highly probable. The assets and liabilities of disposal
\ngroups held for sale are stated at the lower of carrying value and fair value less costs of disposal. From the date on
\nwhich disposal groups are classi\ufb01ed as held for sale, the group applies the measurement provisions of IFRS 5
Non-
\ncurrent Assets Held for Sale and Discontinued Operations,
which includes, among other requirements, the cessation of
\nthe recognition of depreciation and amortisation.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30342": {
"value": "37.
Equity-compensation bene\ufb01ts
The following share option and RSU plans were in operation during the \ufb01nancial year:
\nShare option plan/RSU plan
\nMaximum
\nawards
\npermissible
\n1
\nVesting
\nperiod
\n2
\nPeriod to
\nexpiry from
\ndate of o\ufb00er
\nIFRS 2
\nclassi\ufb01cation
\nNaspers group
\nNaspers Share Incentive Trust (Naspers)
Note 3
a
\n3
\n10 years
Equity-settled
\nMIH Holdings Share Trust (MIH Holdings)
Note 3
a
\n3
\n10 years
Equity-settled
\nMIH Internet Holdings B.V. Share Trust (MIH Internet)
Note 3
a
\n3
\n10 years
Equity-settled
\nNaspers Restricted Stock Plan Trust (Naspers RSU/PSU)
\n4
\nNote 3, 4
a
Note 5
Equity-settled
\nProsus N.V. Share Award Plan (Prosus RSU/PSU)
Note 7
a
Note 5
Equity-settled
\nProsus N.V. Share Option Plan (Prosus Options)
Note 7
a
10 years
Equity-settled
\nSocial and internet platforms
\nMIH Russia Internet B.V. Share Trust
10%
c
10 years
Equity-settled
\nEcommerce
\nFrontier Car Group (FCG) Share Trust Option Scheme
\n9
\n15%
e
10 years
Cash-settled
\niFood.com Share Option Scheme
12.5%
a
\n8
\n10 years
Cash-settled
\nMovile International Holdings B.V. and Movile Mobile
\nCommerce Holdings S.L. Joint Stock Option Plan and Movile
\nInternational Holdings B.V. Share Option Plan
15%
a
\n6
\n10 years
Cash-settled
\nDante International S.A. (eMAG) Share Option Scheme
15%
a
\n6
\n10 years
Equity-settled
\nRed Dot Payment Pte Ltd Options Scheme
20%
a
10 years
Cash-settled
\nZoop Holding Participa\u00e7\u00f5es S.A. Share Option Scheme
\n9
\n4 275 000
\nshares
a
10 years
Cash-settled
\nStack Exchange, Inc. 2010 Stock Plan
15%
f
10 years
Cash-settled
\nThe group provides detailed disclosure for those share option and RSU plans that are considered signi\ufb01cant to the \ufb01nancial
\nstatements.
\nNotes in relation to the group\u2019s share option and RSU plans:
\n1 The percentage re\ufb02ected in this column is the maximum percentage of the respective companies\u2019 issued share capital that is available for the plan. Where
\napplicable, the above percentage also includes the percentage of the underlying assets value allocated to other group schemes, including the Global schemes
\n(also see note 4 in relation to the group\u2019s share appreciation rights plans).
\n2 Vesting period: a One quarter vests after years one, two, three and four.
\nb One third vests after years three, four and \ufb01ve.
\nc
One \ufb01fth vests after years one, two, three, four and \ufb01ve.
\nd One third vests after years one, two and three.
\ne One quarter vests after year one and monthly thereafter over three years.
\nf
The vesting period shall be determined for each o\ufb00er letter individually provided that it shall not exceed 10 years.
\n3 At the Naspers annual general meeting held on 25 August 2017 a resolution was adopted by shareholders whereby the vesting period for options granted after
\n25\u00a0August 2017 would be one quarter vesting after years one, two, three and four. Options granted before 25 August 2017 vest over three, four and \ufb01ve years
\nrespectively. In addition, at the Naspers annual general meeting in August 2020, shareholders approved that up to 5% of the issued capital of Naspers may be
\ngranted in the Naspers RSU.
\n4 The Naspers Restricted Stock Plan Trust may issue no more than 200 000 RSU awards in aggregate during any one \ufb01nancial year. The number of PSUs that may be
\no\ufb00ered is at the discretion of the board.
\n5 Awards are automatically settled with participants on the vesting date.
\n6 For these schemes all o\ufb00ers made from 1 April 2018 vest over one, two, three and four years. All o\ufb00ers preceding this date vest over one, two, three, four and
\n\ufb01ve\u00a0years.
\n7 No more than 5% of the issued capital of Prosus N.V. may be granted in the Prosus RSU/PSU/Option plans.
\n8 For all options granted prior to September 2020, one \ufb01fth vests after years one, two, three, four and \ufb01ve.
\n9 These schemes relate to entities that are presented as disposal groups classi\ufb01ed as held for sale in the current year.
The following share appreciation rights plans were in operation during the \ufb01nancial year:
\nShare appreciation rights plans
\nMaximum
\nawards
\npermissible
\n1
\nVesting
\nperiod
\n2
\nPeriod to
\nexpiry from
\ndate of o\ufb00er
\nIFRS 2
\nclassi\ufb01cation
\nSocial and internet platforms
\nMIH China/MIH TC 2008 SAR Scheme
10%
b
\n3
\n10 years
Cash-settled
\nEcommerce
\nMIH Food Holdings B.V. SAR Scheme (Delivery Hero)
7.5%
b
10 years
Cash-settled
\nMIH India Food Holdings B.V. SAR Scheme (Swiggy)
10%
b
10 years
Cash-settled
\nCEE Classi\ufb01eds SAR Scheme
10%
c
10 years
Cash-settled
\nTokobagus Exploitatie B.V. SAR Scheme
15%
c
10 years
Cash-settled
\nMIH Payments Holdings B.V. SAR Scheme
15%
b
\n3
\n10 years
Cash-settled
\nPayU Credit B.V. SAR Scheme
15%
b
10 years
Cash-settled
\nPayU Global B.V. SAR Scheme
15%
b
\n3
\n10 years
Cash-settled
\nNaspers Global Classi\ufb01eds SAR Scheme
\n(Global Classi\ufb01eds)
Note 4
b
\n3
\n10 years
Cash-settled
\nNaspers Global Ecommerce SAR Scheme
\n(Global Ecommerce)
Note 4
b
\n3
\n10 years
Cash-settled
\nMIH Fintech Holdings B.V. SAR Scheme (Global Payments)
Note 4
b
10 years
Cash-settled
\nMIH Food Delivery Holdings B.V. SAR Scheme
\n(Global Food)
Note 4
b
10 years
Cash-settled
\nNaspers Ventures B.V. SAR Scheme
15%
d
10 years
Cash-settled
\nMIH Edtech Investments B.V. SAR Plan (Global Edtech)
Note 4
b
10 years
Cash-settled
\nRed Dot Payment Pte Ltd SAR Scheme
20%
b
10 years
Cash-settled
\nSimilarWeb Limited SAR Scheme
5%
c
10 years
Cash-settled
\nProperty24 SAR Scheme
15%
b
\n3
\n10 years
Cash-settled
\nTakealot Online Proprietary Limited SAR Scheme
15%
b
10 years
Cash-settled
\nMovile International Holdings BV SAR Scheme
15%
b
10 years
Cash-settled
\nDante International S.A. (eMAG) SAR Scheme
12.5%
b
10 years
Cash-settled
\nMIH Learning B.V. (Skillsoft) SAR Scheme
12.5%
b
10 years
Cash-settled
\nGood Bidco (GoodHabitz) B.V. SAR Scheme
15%
b
10 years
Cash-settled
\nThe group provides detailed disclosure for those share appreciation rights plans that are considered signi\ufb01cant to the \ufb01nancial
\nstatements.
\nNotes in relation to the group\u2019s share appreciation rights plans:
\n1 The percentage re\ufb02ected in this column is the maximum percentage of the respective companies\u2019 issued/notional share capital that is available for the plan. Where
\napplicable, the above percentage also includes the percentage of the underlying assets\u2019 value allocated to other group schemes, including the Global schemes
\n(also see note 4).
\n2 Vesting period: a One third vests after years three, four and \ufb01ve.
\nb One quarter vests after years one, two, three and four.
\nc
One \ufb01fth vests after years one, two, three, four and \ufb01ve.
\nd One quarter vests after years two, three, four and \ufb01ve.
\n3 For these schemes all o\ufb00ers made from 1 April 2018 vest over one, two, three and four years. All o\ufb00ers preceding this date vest over one, two, three, four and
\n\ufb01ve\u00a0years.
\n4 2.5% of the value of each of the relevant underlying assets, as is contributed to the relevant Global schemes, is available for issuance in the Global schemes.
\nFrom 1 April 2022, new grants under the SAR schemes will have an expiry period of six years.
Liabilities arising from share-based payment transactions
\nThe following liabilities have been recognised in the consolidated statement of \ufb01nancial position relating to the group\u2019s cash-
\nsettled share-based payment obligations:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCash-settled share-based payment liability
\nTotal carrying amount of cash-settled share-based payment liability
713
1 127
\nLess: Current portion of cash-settled share-based payment liability
(656)
(964)
\nNon-current portion of cash-settled share-based payment liability
57
163
\nReconciliation of the cash-settled share-based payment liability is as follows:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOpening carrying amount of cash-settled share-based payment liability
1 127
1 056
\nSAR scheme charge per the consolidated income statement
\n1, 2
\n(187)
129
\nEmployment-linked put option charge per the consolidated income statement
14
23
\nAdditions
\u2013
5
\nSettlements
(165)
(372)
\nModi\ufb01cation
\n2
\n5
265
\nTransferred to liabilities classi\ufb01ed as held for sale
\n3
\n(37)
\u2013
\nForeign currency translation e\ufb00ects
(44)
21
\nClosing carrying amount of cash-settled share-based payment liability
713
1 127
\n1 The decrease in the expense is as a result of the decline in the fair values of the underlying businesses that decreased the estimated cash settlement for the
\nschemes.
\n2 Some of the group\u2019s equity-settled compensation plans were prospectively modi\ufb01ed to cash-settled due to the change in settlement policy of the share option
\nschemes. In the 31 March 2022 \ufb01nancial year, the modi\ufb01cation relates primarily to the iFood share option scheme to cash settled.
\n3 Relates primarily to Avito which was classi\ufb01ed as held for sale in May 2022 prior to its disposal in October 2022 as well as the OLX Autos disposal group classi\ufb01ed
\nas held for sale in March 2023. Refer to note 36.
\nAs at 31 March 2023 68.25% (2022: 63.04%) of the share-based payment liability relates to vested share-based compensation
\nplans that have not been exercised. Included in the share-based payment liability is an amount of US$103m (2022: US$90m) as a
\nresult of a written put option included in the acquisition agreement that is linked to a committed employment period for the
\nfounders of the respective subsidiaries.
The group recognised, in the consolidated income statement a remeasurement of US$29m (2022:\u00a0US$23m) included in the current
\nyear cash-settled share-based payment expense related to these subsidiaries. The value on settlement of the put options will be
\ndependent on the completion of the respective employment period and accordingly impacts the non-controlling interest
\nrecognised for these subsidiaries.
\nMovements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2023
\nNaspers
\nRSU
\nProsus
\nRSU
\nNaspers
\nPSU
\nProsus
\nPSU
\nMIH
\nHoldings
\nMIH
\nInternet
\nShares
\nOutstanding at 1 April
28 251
2 135 060
265 672
269 298
28 250
1 930 686
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
122
\u2013
\nGranted
\u2013
3 258 804
22 073
343 328
\u2013
\u2013
\nExercised
(16 949)
(468 748)
(100 903)
\u2013
(8 443)
(1 085 299)
\nForfeited
(3 247)
(488 712)
\u2013
\u2013
(532)
(30 122)
\nCancelled
\u2013
(330 839)
\u2013
\u2013
\u2013
\u2013
\nOutstanding at 31 March
8 055
4 105 565
186 842
612 626
19 397
815 265
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
\u2013
14 133
683 745
\nWeighted average exercise price
(ZAR)
(EUR)
(ZAR)
(EUR)
(ZAR)
(ZAR)
\nOutstanding at 1 April
\u2013
\u2013
\u2013
\u2013
2 860.16
1 921.39
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nGranted
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nExercised
\u2013
\u2013
\u2013
\u2013
1 947.87
1 293.49
\nForfeited
\u2013
\u2013
\u2013
\u2013
2 394.31
3 089.81
\nCancellation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nOutstanding at 31 March
\u2013
\u2013
\u2013
\u2013
2 284.60
2 714.09
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
\u2013
2 883.20
2 656.84
\nWeighted average share price of options
\ntaken up during the year
\nShares
16 949
468 748
100 903
\u2013
8 443
1 085 299
\nWeighted average share price
2 638.44
64.27
2 637.25
\u2013
3 087.90
2 561.18
Movements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2023
\nDante
\nInternational
iFood
\nMovile
\nJoint
\nScheme
\nShares
\nOutstanding at 1 April
62 621
100 788
771 665
\nGranted
31 247
55 393
\u2013
\nExercised
(4 764)
(5 585)
(131 886)
\nForfeited
(1 559)
(10 331)
(117 565)
\nCancelled
\u2013
(20 071)
(6 900)
\nOutstanding at 31 March
87 545
120 194
515 314
\nAvailable to be implemented by the trust at 31 March
31 801
43 436
328 913
\nWeighted average exercise price
(US$)
(BRL)
(BRL)
\nOutstanding at 1 April
1 235.66
6 891.64
242.13
\nMovements between Naspers and Prosus group companies
\u2013
\u2013
\u2013
\nGranted
1 185.31
15 069.51
\u2013
\nExercised
743.11
4 591.34
311.40
\nForfeited
1 414.05
8 379.76
132.38
\nCancelled
\u2013
19 220.38
285.18
\nOutstanding at 31 March
1 241.31
8 580.74
248.86
\nAvailable to be implemented by the trust at 31 March
1 005.14
5 369.11
267.90
\nWeighted average share price of options taken up during the year
\nShares
4 764
5 585
131 886
\nWeighted average share price
1 466.96
12 227.44
1 530.63
Movements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2022
\nNaspers
\nRSU
\nProsus
\nRSU
\n(EUR)
\nNaspers
\nPSU
\nProsus
\nPSU
\n(EUR)
\nMIH
\nHoldings
\nMIH
\nInternet
\nShares
\nOutstanding at 1 April
60 999
667 619
227 460
\u2013
17 020
1 909 071
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
10 252
11 568
\nGranted
\u2013
1 833 725
44 268
269 298
1 623
84 755
\nExercised
(23 788)
(159 424)
\u2013
\u2013
(645)
(63 801)
\nForfeited
(8 960)
(205 460)
(6 056)
\u2013
\u2013
(8 183)
\nCancelled
\u2013
(1 400)
\u2013
\u2013
\u2013
(2 724)
\nOutstanding at 31 March
28 251
2 135 060
265 672
269 298
28 250
1 930 686
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
17 482
1 633 120
\nWeighted average exercise price
(ZAR)
(EUR)
(EUR)
(EUR)
(ZAR)
(ZAR)
\nOutstanding at 1 April
\u2013
\u2013
\u2013
\u2013
2 885.80
1 863.45
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
\u2013
\u2013
2 885.80
1 863.45
\nGranted
\u2013
\u2013
\u2013
\u2013
3 040.00
2 961.41
\nExercised
\u2013
\u2013
\u2013
\u2013
2 378.16
1 600.12
\nForfeited
\u2013
\u2013
\u2013
\u2013
3 051.97
\nCancelled
\u2013
\u2013
\u2013
\u2013
3 040.00
\nOutstanding at 31 March
\u2013
\u2013
\u2013
\u2013
2 860.16
1 921.39
\nAvailable to be implemented by the trust
\nat 31 March
\u2013
\u2013
\u2013
\u2013
2 664.31
1 715.82
\nWeighted average share price of options
\ntaken up during the year
\nShares
23 788
159 424
\u2013
\u2013
645
63 801
\nWeighted average share price
2 803.06
68.53
\u2013
\u2013
3 432.25
2 467.59
Movements in terms of the group\u2019s signi\ufb01cant share option and RSU plans are as follows:
\n31 March 2022
\nDante
\nInternational
iFood
\nMovile
\nJoint
\nScheme
\nShares
\nOutstanding at 1 April
80 424
123 549
1 115 232
\nGranted
15 405
12 873
302 451
\nExercised
(32 776)
(33 920)
(190 675)
\nForfeited
(432)
(1 714)
(186 371)
\nCancelled
\u2013
\u2013
\u2013
\nOutstanding at 31 March
62 621
100 788
1 040 637
\nAvailable to be implemented by the trust at 31 March
17 968
30 914
331 949
\nWeighted average exercise price
(US$)
(BRL)
(BRL)
\nOutstanding at 1 April
786.26
4 117.50
237.36
\nGranted
2 343.84
22 388.59
191.73
\nExercised
657.32
3 984.58
266.40
\nForfeited
969.53
6 033.30
178.36
\nCancelled
\u2013
2 701.27
\u2013
\nOutstanding at 31 March
1 020.37
6 891.64
229.34
\nAvailable to be implemented by the trust at 31 March
753.42
3 583.72
267.79
\nWeighted average share price of options taken up during the year
\nShares
32 776
33 920
190 675
\nWeighted average share price
567.46
4 270.68
2 170.23
Movements in terms of the group\u2019s signi\ufb01cant share appreciation rights plans are as follows:
\n31 March 2023
\nMIH
\nChina
\nNaspers
\nGlobal
\nClassi\ufb01eds
\nNaspers
\nGlobal
\nEcommerce
\nNaspers
\nVentures
\nPayU
\nGlobal
\nSARs
\nOutstanding at 1 April
374 169
19 277 985
11 311 508
6 526 815
903 563
\nMovements between Naspers
\nGranted
130 590
13 850 566
1 017 872
505 790
155 915
\nExercised
(60)
(436 439)
(1 128 082)
(2 482 665)
(264 010)
\nForfeited
(1 892)
(13 139 989)
(211 653)
(566 229)
(75 175)
\nCancelled
\u2013
(46 232)
\u2013
\u2013
\u2013
\nOutstanding at 31 March
502 807
19 505 891
10 989 645
3 983 711
720 293
\nAvailable to be implemented at 31 March
261 947
8 133 190
8 203 303
182 057
269 651
\nWeighted average exercise price
(US$)
(US$)
(US$)
(US$)
(US$)
\nOutstanding at 1 April
169.56
9.90
29.73
11.04
160.71
\nMovements between Naspers
\nGranted
125.42
6.18
38.88
25.43
47.04
\nExercised
138.40
7.61
29.03
5.51
76.19
\nForfeited
221.39
8.40
52.22
17.49
162.10
\nCancelled
\u2013
6.18
\u2013
\u2013
\u2013
\nOutstanding at 31 March
157.90
8.33
30.22
15.40
147.03
\nAvailable to be implemented at 31 March
149.75
8.91
24.21
5.48
90.50
\nWeighted average share price of SARs taken
\nup during the year
\nSARs
60
436 439
1 128 082
2 482 665
264 010
\nWeighted average share price
161.53
9.33
51.26
23.53
164.73
Movements in terms of the group\u2019s signi\ufb01cant share appreciation rights plans are as follows:
\n31 March 2022
\nMIH
\nChina
\nNaspers
\nGlobal
\nClassi\ufb01eds
\nNaspers
\nGlobal
\nEcommerce
\nNaspers
\nVentures
\nPayU
\nGlobal
\nSARs
\nOutstanding at 1 April
301 927
21 304 008
10 097 273
3 679 357
1 433 264
\nMovements between Naspers and
\nProsus group companies
\u2013
\u2013
21 100
\u2013
\u2013
\nGranted
77 615
6 194 375
1 422 443
2 999 945
223 332
\nExercised
(5 373)
(4 683 827)
(156 208)
(116 223)
(584 675)
\nForfeited
\u2013
(3 508 555)
(47 252)
(36 264)
(168 358)
\nCancelled
\u2013
(28 016)
(25 848)
\u2013
\u2013
\nOutstanding at 31 March
374 169
19 277 985
11 311 508
6 526 815
903 563
\nAvailable to be implemented at 31 March
176 437
5 779 672
7 843 728
2 009 412
265 956
\nWeighted average exercise price
(US$)
(US$)
(US$)
(US$)
(US$)
\nOutstanding at 1 April
149.17
8.72
25.01
6.00
74.13
\nMovements between Naspers and
\nProsus group companies
25.01
\u2013
\u2013
\nGranted
244.59
12.29
64.04
16.94
138.23
\nExercised
107.97
8.21
28.55
5.03
62.99
\nForfeited
\u2013
9.19
44.35
6.67
95.54
\nCancelled
\u2013
9.05
63.89
\u2013
\u2013
\nOutstanding at 31 March
169.56
9.90
29.73
11.03
93.19
\nAvailable to be implemented at 31 March
136.56
8.38
21.77
5.24
75.45
\nWeighted average share price of SARs taken
\nup during the year
\nSARs
5 373
4 683 827
156 208
116 223
584 675
\nWeighted average share price
190.31
12.29
64.27
16.25
193.61
Share option allocations outstanding and currently available to be implemented at 31 March 2023 by exercise price for the
\ngroup\u2019s signi\ufb01cant share incentive plans:
\nShare options outstanding
\nShare options currently
\navailable
\nExercise prices
\nNumber
\noutstanding
\nat 31 March
\n2023
\nWeighted
\naverage
\nremaining
\ncontractual
\nlife (years)
\nWeighted
\naverage
\nexercise
\nprice
\nExercisable
\nat 31 March
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\nMIH Internet (ZAR)
\n780.68 to 886.69
1 982
0.43
787.32
1 982
787.32
\n1196.88 to 1272.66
24 713
1.41
1 268.47
24 713
1 268.47
\n1302.89 to 1371.87
7 100
1.67
1 370.80
7 100
1 370.80
\n1572.04 to 1634.84
19 142
2.43
1 623.49
19 142
1 623.49
\n1700.53 to 1741.27
652
2.56
1 722.47
652
1 722.47
\n1834.76 to 1931.85
3 966
3.57
1 857.10
3 966
1 857.10
\n1991.88 to 2380.94
183 822
3.40
2 099.00
180 684
2 094.69
\n2429.53 to 2819.37
83 335
5.50
2 753.28
66 619
2 748.02
\n2827.88 to 3055
198 100
6.62
2 886.43
119 685
2 859.38
\n3077.6 to 3473.99
263 785
5.62
3 192.75
236 914
3 173.35
\n3494 to 3809
28 668
6.12
3 530.35
22 288
3 536.07
\n815 265
683 745
\niFood (BRL)
\n408.64 to 2 233.05
9 004
3.93
1 304.66
9 004
1 304.66
\n3 984.58 to 7 177.42
64 476
6.77
5 117.02
31 584
4 993.13
\n12 321.91 to 2 2388.59
46 714
6.49
14 763.91
2 848
22 388.59
\n120 194
43 436
\nMovile Joint Scheme (BRL)
\n80.1 to 117.31
273 335
7.33
116.22
140 654
115.19
\n149.71 to 279.9
48 988
4.25
169.26
41 488
161.61
\n285.18 to 468.87
60 197
4.84
368.49
60 197
368.49
\n497
132 794
6.33
497.00
86 574
497.00
\n515 314
328 913
\nDante International (US$)
\n319.02 to 414.5
533
2.18
361.83
533
361.83
\n533.7 to 678.53
7 346
3.95
624.49
7 346
624.49
\n829.21 to 1 692.23
64 777
6.30
1 065.09
20 203
914.09
\n2 343.84
14 889
8.40
2 343.84
3 719
2 343.84
\n87 545
31 801
Share option allocations outstanding and currently available to be implemented at 31 March 2023 by exercise price for the
\ngroup\u2019s signi\ufb01cant share incentive plans:
\nShare options outstanding
\nShare options currently
\navailable
\nExercise prices
\nNumber
\noutstanding
\nat 31 March
\n2023
\nWeighted
\naverage
\nremaining
\ncontractual
\nlife (years)
\nWeighted
\naverage
\nexercise
\nprice
\nExercisable
\nat 31 March
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\nMIH Holdings (ZAR)
\n886.69 to 1378.67
834
0.72
1 028.27
834
1 028.27
\n1700.53 to 1740.85
1 079
2.47
1 738.27
1 079
1 738.27
\n2323.52 to 2429.53
839
3.42
2 360.29
839
2 360.29
\n2782.5 to 2839.88
5 477
6.18
2 809.71
4 134
2 803.81
\n3040 to 3420.55
11 168
6.48
3 347.31
7 247
3 372.96
\n19 397
14 133
\nShare appreciation rights allocations outstanding and currently available to be implemented at 31 March 2023 by exercise price
\nfor the group\u2019s signi\ufb01cant share incentive plans:
\nSARs outstanding
SARs currently available
\nExercise prices
\nNumber
\noutstanding
\nat 31 March
\n2023
\nWeighted
\naverage
\nremaining
\ncontractual
\nlife (years)
\nWeighted
\naverage
\nexercise
\nprice
\nExercisable
\nat 31 March
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\nMIH China (US$)
\n81.78 to 244.59
502 807
5.98
157.90
261 947
149.75
\nNaspers Global Classi\ufb01eds (US$)
\n3.54 to 7.64
9 064 101
5.09
6.28
1 713 199
6.68
\n8.5 to 12.29
10 441 790
6.95
10.11
6 419 991
9.50
\n19 505 891
8 133 190
\nNaspers Global Ecommerce (US$)
\n15.58 to 23.61
4 803 675
1.55
15.81
4 803 675
15.81
\n27.25 to 31.89
1 155 546
4.46
27.56
1 155 546
27.56
\n32.99 to 36.7
2 069 116
5.79
34.59
1 261 429
34.82
\n36.76 to 45.64
1 348 698
7.14
40.57
687 886
40.46
\n47.81 to 67.1
1 612 610
7.65
60.78
294 767
64.79
\n10 989 645
8 203 303
\nNaspers Ventures (US$)
\n5 to 8.74
993 097
11.75
7.30
182 057
5.48
\n10.06 to 25.45
2 990 614
13.65
18.08
\u2013
\u2013
\n3 983 711
182 057
\nPayU Global (US$)
\n32.04 to 58.44
191 602
5.04
47.55
40 303
49.93
\n67.37 to 140.26
528 691
7.31
102.81
229 348
97.63
\n720 293
269 651
Share option and RSU plan grants made during the year relating to the group\u2019s signi\ufb01cant plans:
\nNaspers
\nRSU
\n(ZAR)
\nProsus
\nRSU
\n(EUR)
\nNaspers
\nPSU
\n(ZAR)
\nProsus
\nPSU
\n(EUR)
\n31 March 2023
\nWeighted average fair value at measurement date
\u2013
62.71
\u2013
103.56
\nThis weighted average fair value has been calculated using the
\nBermudan Binomial option pricing model, using the following
\ninputs and assumptions:
\nWeighted average share price
\u2013
62.71
\u2013
103.56
\nWeighted average option life (years)
\u2013
10.00
\u2013
3.17
\nWeighted average annual suboptimal rate (%)
\u2013
180%
\u2013
180%
\nWeighted average vesting period (years)
\u2013
2.50
\u2013
2.85
\n31 March 2022
\nWeighted average fair value at measurement date
\u2013
74.89
2 945.46
75.16
\nThis weighted average fair value has been calculated using the
\nBermudan Binomial option pricing model, using the following
\ninputs and assumptions:
\nWeighted average share price
\u2013
74.89
2 945.46
75.16
\nWeighted average option life (years)
\u2013
10.00
3.00
3.00
\nWeighted average annual suboptimal rate (%)
\u2013
160%
160%
160%
\nWeighted average vesting period (years)
\u2013
2.5
3.0
3.0
\nMIH
\nHoldings
\n(ZAR)
\nMIH
\nInternet
\n(ZAR)
\nDante
\nInternational
\n(US$)
\niFood
\n(BRL)
\nMovile
\nJoint
\nScheme
\n(BRL)
\n31 March 2023
\nWeighted average fair value at
\nmeasurement date
1 167.99
\u2013
591.72
8 899.20
\u2013
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
2 348.69
\u2013
1 185.31
15 729.18
\u2013
\nWeighted average exercise price
2 348.69
\u2013
1 185.31
12 321.91
\u2013
\nWeighted average expected volatility (%)*
47.0%
\u2013
62.0%
65.0%
\u2013
\nWeighted average option life (years)
10.0
\u2013
6.0
6.0
\u2013
\nWeighted average dividend yield (%)
\nWeighted average risk-free interest rate (%)
\n(based on zero-rate bond yield at perfect \ufb01t)
9.0%
\u2013
4.0%
7.4%
\u2013
\nWeighted average annual suboptimal rate (%)
180%
\u2013
180%
180%
\u2013
\nWeighted average vesting period (years)
2.5
\u2013
2.5
2.0
\u2013
\n* The weighted average expected volatility of all share options listed above is determined using historical daily share prices.
MIH
\nHoldings
\n(ZAR)
\nMIH
\nInternet
\n(ZAR)
\nDante
\nInternational
\n(US$)
\niFood
\n(BRL)
\nMovile
\nJoint
\nScheme
\n(BRL)
\n31 March 2022
\nWeighted average fair value at measurement
\ndate
1 234.89
1 235.26
1 172.63
9 165.64
\u2013
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
2 955.45
2 957.08
2 343.84
19 927.63
\u2013
\nWeighted average exercise price
2 955.45
2 957.08
2 343.84
22 388.59
\u2013
\nWeighted average expected volatility (%)*
32.5
32.4
58
50.4
\u2013
\nWeighted average option life (years)
10.0
10.0
10.0
10.0
\u2013
\nWeighted average dividend yield (%)
0.2
0.2
\u2013
\u2013
\u2013
\nWeighted average risk-free interest rate (%)
\n(based on zero rate bond yield at perfect \ufb01t)
7.1
7.0
1.6
7.3
\u2013
\nWeighted average annual suboptimal rate (%)
160
160
160
160
\u2013
\nWeighted average vesting period (years)
2.5
2.5
2.5
2.6
\u2013
\n* The weighted average expected volatility of all share options listed above is determined using historical daily share prices.
\nShare appreciation rights plan grants made during the year relating to the group\u2019s signi\ufb01cant plans:
\nMIH
\nChina
\n(US$)
\nNaspers
\nGlobal
\nClassi\ufb01eds
\n(US$)
\nNaspers
\nGlobal
\nEcommerce
\n(US$)
\nNaspers
\nVentures
\n(US$)
\nPayU
\nGlobal
\nB.V.
\n(US$)
\n31 March 2023
\nWeighted average fair value
\nat remeasurement date
83.75
1.03
14.76
10.76
10.19
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
165.39
3.42
34.20
23.71
32.38
\nWeighted average exercise price
125.42
6.18
38.83
25.43
46.92
\nWeighted average expected volatility (%)*
46.0%
52.0%
55.0%
35.0%
45.0%
\nWeighted average option life (years)
6.0
6.0
6.0
15.0
6.0
\nWeighted average risk-free interest rate (%)
\n(based on zero rate bond yield at perfect \ufb01t)
3.6%
3.6%
3.6%
3.5%
3.6%
\nWeighted average annual suboptimal rate (%)
180.0%
180.0%
180.0%
180.0%
180.0%
\nWeighted average vesting period (years)
4.9
2.6
2.1
3.5
2.5
\nShare price at measurement date
165.4
3.4
34.2
23.7
32.4
\n* The weighted average expected volatility of all share appreciation rights listed above is determined using historical daily share prices.
MIH
\nChina
\n(US$)
\nNaspers
\nGlobal
\nClassi\ufb01eds
\n(US$)
\nNaspers
\nGlobal
\nEcommerce
\n(US$)
\nNaspers
\nVentures
\n(US$)
\nPayU
\nGlobal
\nB.V.
\n(US$)
\n31 March 2022
\nWeighted average fair value at
\nremeasurement date
48.73
4.28
26.08
15.14
58.70
\nThis weighted average fair value has been
\ncalculated using the Bermudan Binomial option
\npricing model, using the following inputs and
\nassumptions:
\nWeighted average share price
155.02
11.59
57.27
25.46
132.78
\nWeighted average exercise price
244.59
12.29
60.20
16.94
137.83
\nWeighted average expected volatility (%)*
42.0
37.0
50.1
48.3
53.8
\nWeighted average option life (years)
5.0
10.0
10.0
15.0
10.00
\nWeighted average risk-free interest rate (%)
\n(based on zero-rate bond yield at perfect \ufb01t)
2.3
2.3
2.3
2.3
2.3
\nWeighted average annual suboptimal rate (%)
160
160
160
160
160
\nWeighted average vesting period (years)
2.5
2.6
3.5
3.5
2.50
\nShare price at measurement date
155.02
11.59
57.27
25.46
132.78
\n* The weighted average expected volatility of all share appreciation rights listed above is determined using historical daily share prices.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32710": {
"value": "38.
Provisions
31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nPending litigation
12
7
\nReorganisation and restructuring
23
\u2013
\nLong-service and retirement gratuity
3
3
\nOther
10
3
\nTotal provisions
48
13
\nLess:
Non-current portion of provisions
(3)
(4)
\nCurrent portion of provisions
45
9
\nThe group is currently involved in various litigation matters. The litigation provision has been estimated based on management
\nassessment on likelihood of requirements on legal counsel and management\u2019s estimates of costs and possible claims relating to
\nthese after taking appropriate legal advice.
\nThe reorganisation and restructuring provision relates to the restructuring costs of certain of our operations. The long-service and
\nretirement gratuity provision relates to the estimated cost of these employee bene\ufb01ts. Furthermore, included in other provisions
\nare estimated amounts related to other regulatory matters.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32713": {
"value": "Accounting policy
\nProvisions are obligations of the group where the timing or amount (or both) of the obligation is uncertain.
\nProvisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is
\nprobable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation and a
\nreliable estimate of the amount of the obligation can be made.
\nThe group recognises a provision relating to its estimated exposure on all products at the consolidated statement of
\n\ufb01nancial position date. A provision for onerous contracts is established when the expected bene\ufb01ts to be derived under
\na contract are less than the unavoidable costs of ful\ufb01lling the contract.
\nReorganisation provisions are recognised in the period in which the group becomes legally or constructively committed
\nto a formal restructuring plan.
\nA provision for restructuring costs is recognised when the group has a detailed formal plan for the restructuring and has
\nraised a valid expectation to those a\ufb00ected that it will implement and carry out the restructuring.
\nProvisions are reviewed at each statement of \ufb01nancial position date and adjusted to re\ufb02ect the current best estimate.
\nWhere the e\ufb00ect of the time value of money is material, the amount of a provision is determined by discounting the
\nanticipated future cash \ufb02ows expected to be required to settle the obligation at a pre-tax rate that re\ufb02ects current
\nmarket assessments of the time value of money and the risks speci\ufb01c to the liability. The increase in the provision due to
\nthe passage of time is recognised as interest expense in the consolidated income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32801": {
"value": "39.Accrued expenses
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nDeferred income
\n1
\n109
143
\nAccrued expenses
\n2
\n229
158
\nAmounts owing in respect of investments acquired
\n2
\n\u2013
3
\nTaxes and other statutory liabilities
95
113
\nBonus accrual
109
89
\nAccrual for leave
28
28
\nOther personnel accruals
46
57
\nPayments received in advance
81
61
\nPayables from reverse factoring arrangements
\n2
\n100
90
\nMerchant payable
\n2
\n871
724
\nOther
\n3
\n52
48
\n1 720
1 514
\n1 Relates to revenue received in advance from contracts with customers. Refer to note 13 for movements in deferred income balances.
\n2 These items are classi\ufb01ed as \ufb01nancial liabilities.
\n3 Includes \ufb01nancial liabilities of US$43m (2022: US$42m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32877": {
"value": "HedgingAccounting policy
\nThe group uses derivative \ufb01nancial instruments (derivatives) to reduce exposure to \ufb02uctuations in foreign currency
\nexchange rates and interest rates. These instruments mainly comprise forward exchange contracts and interest rate
\n(including cross-currency) swap agreements. Forward exchange contracts protect the group from movements in
\nexchange rates by \ufb01xing the rate at which a foreign currency asset or liability will be settled. Cross-currency interest rate
\nswap agreements protect the group from movements in foreign exchange risk on a net investment in a foreign\u00a0operation.
\nThe group documents, at inception of hedging transactions, the relationship between hedging instruments and hedged
\nitems, as well as its risk management objective and strategy for undertaking various hedging transactions. The group
\nalso documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives used in
\nhedging transactions are expected to be and have been highly e\ufb00ective in o\ufb00setting changes in fair values or cash
\n\ufb02ows of hedged items. Hedging instruments are included in \u2018Derivative \ufb01nancial instruments\u2019 in the consolidated
\nstatement of \ufb01nancial position. The group designates derivatives as hedging instruments either in their entirety or
\nelements thereof, as appropriate. The fair values of derivatives used for hedging purposes are disclosed in note 40
\nbelow.
\nThe method of recognising the resulting gain or loss arising from the remeasurement of derivatives used for hedging is
\ndependent on the nature of the item being hedged. The group designates a derivative as either a hedge of the fair
\nvalue of a recognised asset, liability or \ufb01rm commitment (fair value hedge), or a hedge of a forecast transaction or of
\nthe foreign currency risk of a \ufb01rm commitment (cash \ufb02ow hedge). The group also designates certain derivatives as
\nhedges of the group\u2019s net investments in its foreign operations (net investment hedge).
\nFair value hedges
\nWhen a derivative is designated as a fair value hedge, changes in the fair value of the derivative are recorded in the
\nconsolidated income statement, along with changes in the fair value of the hedged asset or liability that is attributable
\nto the hedged risk.
\nCash \ufb02ow hedges
\nWhen a derivative is designated as a cash \ufb02ow hedging instrument, the e\ufb00ective portion of the change in the fair value
\nof the derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The ine\ufb00ective
\nportion of the change in the fair value of the derivative is recognised in the consolidated income statement.
\nWhen the hedged forecast transaction or \ufb01rm commitment subsequently results in the recognition of a non-\ufb01nancial item
\nsuch as inventory, the amount accumulated in the hedging reserve is included directly in the initial cost of the non-
\n\ufb01nancial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging
\nreserve is reclassi\ufb01ed to the consolidated income statement in the same period during which the hedged expected
\nfuture cash \ufb02ow a\ufb00ects the consolidated income statement.
\nWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, then
\nhedge accounting is discontinued prospectively. The amount accumulated in the hedging reserve at that time remains in
\nequity until, for a hedge resulting in the recognition of a non-\ufb01nancial item, it is included in the initial cost on initial
\nrecognition or, for other cash \ufb02ow hedges, it is reclassi\ufb01ed to the consolidated income statement in the same period as
\nthe expected cash \ufb02ows a\ufb00ect the consolidated income statement.
\nWhen a committed or forecast transaction is no longer expected to occur, the amounts accumulated in the hedging
\nreserve are reclassi\ufb01ed to the consolidated income statement.
\nNet investment hedges
\nWhen a derivative is designated as a hedging instrument in a hedge of the group\u2019s net investment in a foreign
\noperation, the e\ufb00ective portion of the change in fair value of the hedging instrument is recognised in other
\ncomprehensive income and presented in the foreign currency translation reserve within equity. The ine\ufb00ective portion of
\nthe change in fair value of the derivative is recognised in the consolidated income statement. The amount accumulated
\nin the foreign currency translation reserve is reclassi\ufb01ed to the consolidated income statement on disposal of the
\nrelevant foreign operation.
\nCertain derivative transactions, while providing e\ufb00ective economic hedges under the group\u2019s risk management policies,
\ndo not qualify for hedge accounting. Changes in the fair value of derivatives that do not qualify for hedge accounting
\nare recognised immediately in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32878": {
"value": "HedgingAccounting policy
\nThe group uses derivative \ufb01nancial instruments (derivatives) to reduce exposure to \ufb02uctuations in foreign currency
\nexchange rates and interest rates. These instruments mainly comprise forward exchange contracts and interest rate
\n(including cross-currency) swap agreements. Forward exchange contracts protect the group from movements in
\nexchange rates by \ufb01xing the rate at which a foreign currency asset or liability will be settled. Cross-currency interest rate
\nswap agreements protect the group from movements in foreign exchange risk on a net investment in a foreign\u00a0operation.
\nThe group documents, at inception of hedging transactions, the relationship between hedging instruments and hedged
\nitems, as well as its risk management objective and strategy for undertaking various hedging transactions. The group
\nalso documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives used in
\nhedging transactions are expected to be and have been highly e\ufb00ective in o\ufb00setting changes in fair values or cash
\n\ufb02ows of hedged items. Hedging instruments are included in \u2018Derivative \ufb01nancial instruments\u2019 in the consolidated
\nstatement of \ufb01nancial position. The group designates derivatives as hedging instruments either in their entirety or
\nelements thereof, as appropriate. The fair values of derivatives used for hedging purposes are disclosed in note 40
\nbelow.
\nThe method of recognising the resulting gain or loss arising from the remeasurement of derivatives used for hedging is
\ndependent on the nature of the item being hedged. The group designates a derivative as either a hedge of the fair
\nvalue of a recognised asset, liability or \ufb01rm commitment (fair value hedge), or a hedge of a forecast transaction or of
\nthe foreign currency risk of a \ufb01rm commitment (cash \ufb02ow hedge). The group also designates certain derivatives as
\nhedges of the group\u2019s net investments in its foreign operations (net investment hedge).
\nFair value hedges
\nWhen a derivative is designated as a fair value hedge, changes in the fair value of the derivative are recorded in the
\nconsolidated income statement, along with changes in the fair value of the hedged asset or liability that is attributable
\nto the hedged risk.
\nCash \ufb02ow hedges
\nWhen a derivative is designated as a cash \ufb02ow hedging instrument, the e\ufb00ective portion of the change in the fair value
\nof the derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The ine\ufb00ective
\nportion of the change in the fair value of the derivative is recognised in the consolidated income statement.
\nWhen the hedged forecast transaction or \ufb01rm commitment subsequently results in the recognition of a non-\ufb01nancial item
\nsuch as inventory, the amount accumulated in the hedging reserve is included directly in the initial cost of the non-
\n\ufb01nancial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging
\nreserve is reclassi\ufb01ed to the consolidated income statement in the same period during which the hedged expected
\nfuture cash \ufb02ow a\ufb00ects the consolidated income statement.
\nWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, then
\nhedge accounting is discontinued prospectively. The amount accumulated in the hedging reserve at that time remains in
\nequity until, for a hedge resulting in the recognition of a non-\ufb01nancial item, it is included in the initial cost on initial
\nrecognition or, for other cash \ufb02ow hedges, it is reclassi\ufb01ed to the consolidated income statement in the same period as
\nthe expected cash \ufb02ows a\ufb00ect the consolidated income statement.
\nWhen a committed or forecast transaction is no longer expected to occur, the amounts accumulated in the hedging
\nreserve are reclassi\ufb01ed to the consolidated income statement.
\nNet investment hedges
\nWhen a derivative is designated as a hedging instrument in a hedge of the group\u2019s net investment in a foreign
\noperation, the e\ufb00ective portion of the change in fair value of the hedging instrument is recognised in other
\ncomprehensive income and presented in the foreign currency translation reserve within equity. The ine\ufb00ective portion of
\nthe change in fair value of the derivative is recognised in the consolidated income statement. The amount accumulated
\nin the foreign currency translation reserve is reclassi\ufb01ed to the consolidated income statement on disposal of the
\nrelevant foreign operation.
\nCertain derivative transactions, while providing e\ufb00ective economic hedges under the group\u2019s risk management policies,
\ndo not qualify for hedge accounting. Changes in the fair value of derivatives that do not qualify for hedge accounting
\nare recognised immediately in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32879": {
"value": "HedgingAccounting policy
\nThe group uses derivative \ufb01nancial instruments (derivatives) to reduce exposure to \ufb02uctuations in foreign currency
\nexchange rates and interest rates. These instruments mainly comprise forward exchange contracts and interest rate
\n(including cross-currency) swap agreements. Forward exchange contracts protect the group from movements in
\nexchange rates by \ufb01xing the rate at which a foreign currency asset or liability will be settled. Cross-currency interest rate
\nswap agreements protect the group from movements in foreign exchange risk on a net investment in a foreign\u00a0operation.
\nThe group documents, at inception of hedging transactions, the relationship between hedging instruments and hedged
\nitems, as well as its risk management objective and strategy for undertaking various hedging transactions. The group
\nalso documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives used in
\nhedging transactions are expected to be and have been highly e\ufb00ective in o\ufb00setting changes in fair values or cash
\n\ufb02ows of hedged items. Hedging instruments are included in \u2018Derivative \ufb01nancial instruments\u2019 in the consolidated
\nstatement of \ufb01nancial position. The group designates derivatives as hedging instruments either in their entirety or
\nelements thereof, as appropriate. The fair values of derivatives used for hedging purposes are disclosed in note 40
\nbelow.
\nThe method of recognising the resulting gain or loss arising from the remeasurement of derivatives used for hedging is
\ndependent on the nature of the item being hedged. The group designates a derivative as either a hedge of the fair
\nvalue of a recognised asset, liability or \ufb01rm commitment (fair value hedge), or a hedge of a forecast transaction or of
\nthe foreign currency risk of a \ufb01rm commitment (cash \ufb02ow hedge). The group also designates certain derivatives as
\nhedges of the group\u2019s net investments in its foreign operations (net investment hedge).
\nFair value hedges
\nWhen a derivative is designated as a fair value hedge, changes in the fair value of the derivative are recorded in the
\nconsolidated income statement, along with changes in the fair value of the hedged asset or liability that is attributable
\nto the hedged risk.
\nCash \ufb02ow hedges
\nWhen a derivative is designated as a cash \ufb02ow hedging instrument, the e\ufb00ective portion of the change in the fair value
\nof the derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The ine\ufb00ective
\nportion of the change in the fair value of the derivative is recognised in the consolidated income statement.
\nWhen the hedged forecast transaction or \ufb01rm commitment subsequently results in the recognition of a non-\ufb01nancial item
\nsuch as inventory, the amount accumulated in the hedging reserve is included directly in the initial cost of the non-
\n\ufb01nancial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging
\nreserve is reclassi\ufb01ed to the consolidated income statement in the same period during which the hedged expected
\nfuture cash \ufb02ow a\ufb00ects the consolidated income statement.
\nWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, then
\nhedge accounting is discontinued prospectively. The amount accumulated in the hedging reserve at that time remains in
\nequity until, for a hedge resulting in the recognition of a non-\ufb01nancial item, it is included in the initial cost on initial
\nrecognition or, for other cash \ufb02ow hedges, it is reclassi\ufb01ed to the consolidated income statement in the same period as
\nthe expected cash \ufb02ows a\ufb00ect the consolidated income statement.
\nWhen a committed or forecast transaction is no longer expected to occur, the amounts accumulated in the hedging
\nreserve are reclassi\ufb01ed to the consolidated income statement.
\nNet investment hedges
\nWhen a derivative is designated as a hedging instrument in a hedge of the group\u2019s net investment in a foreign
\noperation, the e\ufb00ective portion of the change in fair value of the hedging instrument is recognised in other
\ncomprehensive income and presented in the foreign currency translation reserve within equity. The ine\ufb00ective portion of
\nthe change in fair value of the derivative is recognised in the consolidated income statement. The amount accumulated
\nin the foreign currency translation reserve is reclassi\ufb01ed to the consolidated income statement on disposal of the
\nrelevant foreign operation.
\nCertain derivative transactions, while providing e\ufb00ective economic hedges under the group\u2019s risk management policies,
\ndo not qualify for hedge accounting. Changes in the fair value of derivatives that do not qualify for hedge accounting
\nare recognised immediately in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32973": {
"value": "40. Financial risk management
\nFinancial risk factors
\nThe group\u2019s activities expose it to a variety of \ufb01nancial risks such as market risk (including currency risk, fair value interest rate risk,
\ncash \ufb02ow interest rate risk and price risk), credit risk and liquidity risk. These include the e\ufb00ects of changes in debt and equity
\nmarkets, foreign currency exchange rates and interest rates. The group\u2019s overall risk management programme seeks to minimise
\nthe potential adverse e\ufb00ects of \ufb01nancial risks on its \ufb01nancial performance. The group uses derivative \ufb01nancial instruments, such
\nas forward exchange contracts and interest rate swaps, to hedge certain risk exposures.
\nRisk management is carried out by management under policies approved by the board of directors and its risk management
\ncommittee. Management identi\ufb01es, evaluates and, where appropriate, hedges \ufb01nancial risks. The various boards of directors
\nwithin the group provide written policies, in line with the overall group policies, covering speci\ufb01c areas, such as foreign exchange
\nrisk, interest rate risk, credit risk, the use of derivative \ufb01nancial instruments and the investment of excess liquidity.
\n40.1 Foreign exchange risk
\nThe group operates internationally and is exposed to foreign exchange risk. A substantial portion of the group\u2019s revenue and
\nexpenses is denominated in the currencies of the countries in which it operates.
\nIn certain instances, the group will hedge its foreign currency risks associated with certain of its net investments in foreign
\noperations. The group will determine which investments to hedge based on the foreign currency risk arising on translation
\nof\u00a0its\u00a0foreign operations.
\nFollowing the acquisition of the group\u2019s interest in Delivery Hero SE during the 2018 \ufb01nancial year, the group elected to hedge the
\nforeign exchange risk resulting from the di\ufb00erence between the functional currency of Delivery Hero (euro) and the currency of the
\nfunding incurred to acquire the investment (US$). The group therefore entered into a cross-currency interest rate swap, and in
\norder to best re\ufb02ect the result of this risk management strategy, designated it as a hedge of its net investment in Delivery Hero.
\nAs the investment in Delivery Hero SE is translated at the spot rate, the group has designated only the spot exchange rate
\nelement of the cross-currency interest rate swap as forming part of the hedging relationship.
\nIn July 2021, the group issued US$1.85bn 3.061% notes due in 2031, \u20ac1.0bn 1.288% notes due in 2029 and \u20ac850m 1.985% notes
\ndue in 2033 (the bonds). The purpose of the o\ufb00erings was to raise proceeds for general corporate purposes, including debt
\nre\ufb01nancing, which took the form of a tender o\ufb00er made in relation to its bonds maturing in 2025 and 2027. Part of the notes due
\nin 2025 was linked to a cross-currency interest rate swap. Due to the part settlement of the 2025 bond notes, the group partly
\nsettled the cross-currency interest rate swap (the swap) related to the portion of the bond notes that were settled. The group
\ntherefore discontinued the hedge for the portion of the swap that was settled. The group continued the hedge relationship for the
\nremaining portion of the swap as the hedge of the net investment in Delivery Hero. The repayment of the swap amounted to
\nUS$20m in July 2021, representing the fair value of the portion settled at that date.
\nIn April 2022, the group designated \u20ac2.0bn of the euro bonds as a hedge of the net investment in Delivery Hero SE along with the
\ncross-currency interest swap discussed above. In March 2023, the group fully settled the cross-currency interest swap resulting in
\nthe cash receipt of US$13m. Subsequent to the settlement the group designated an additional \u20ac200m of the euro bond as a
\nhedge of the net investment in Delivery Hero SE. As at 31 March 2023, \u20ac2.2bn of the euro bonds were designated as a hedge of
\nthe net investment in Delivery Hero SE. The additional investment in Delivery Hero in the 2022 and 2023 \ufb01nancial year was funded
\nby the euro bonds, therefore this hedge designation creates as a natural o\ufb00set of the foreign currency exposure of the investment
\nand the bond liability. The group designated only the spot exchange rate element of the euro bonds in the hedging relationship.
\nThe hedge ratio remained 1:1 and the risk strategy for this hedge relationship remained unchanged. The accumulated amount
\nrecognised for this hedge relationship in the foreign currency translation reserve was not reclassi\ufb01ed following this partial
\nsettlement. The amount will only be reclassi\ufb01ed if the investment in Delivery Hero is disposed.
\nCumulative gains of US$35m (2022: loss of US$14m) have been recognised in the foreign currency translation reserve relating to
\nthe net investment hedge since the inception of the hedging relationship. The decrease in the value of the net investment in
\nDelivery Hero used to determine hedge ine\ufb00ectiveness for the period is US$1.5bn (2022: increase in value of US$2.1bn).
\nDuring the current year, total gains of US$55m (2022: US$12m) were recognised on the cross-currency interest rate swap prior to
\nsettlement and the euro bonds designated as a hedge. Gains of US$50m (2022: US$10m) for the year have been recognised in
\nthe foreign currency translation reserve relating to the net investment hedge (and comprise the fair value movements used as a
\nbasis for recognising hedge e\ufb00ectiveness). Gains of US$5m (2022: US$2m) were recognised as part of \u2018Other \ufb01nance (costs)/
\nincome \u2013 net\u2019 in the consolidated income statement. This is the element of the cross-currency interest rate swap prior to settlement
\nand the portion of the euro bonds not designated as part of the hedging relationship. Ine\ufb00ectiveness may arise from credit risk
\non the cross-currency interest rate swap and the euro bonds. Ine\ufb00ectiveness is negligible as all critical terms on the hedging
\ninstrument and hedged item match.
\nThe group does not apply hedge accounting with respect to any of its forward exchange contracts outstanding as at
\n31\u00a0March\u00a02023.
\n\n\n
\n
\n\nWhere the group has surplus funds o\ufb00shore, the treasury policy is to spread the funds between more than one currency to limit
\nthe e\ufb00ect of foreign exchange rate \ufb02uctuations and to generate the highest possible interest income. As at 31 March 2023, the
\ngroup had a net cash balance including short-term cash investments of US$16.26bn (2022:\u00a0US$13.55bn). These funds are largely
\ndenominated in US dollar which is also the functional currency of the relevant group subsidiary in which the cash is held.
\nHowever, there are certain money market investments held in euros by entities with US dollar functional currencies which
\ndo\u00a0give\u00a0rise to foreign currency risk.
\nForeign currency sensitivity analysis
\nThe group\u2019s presentation currency is the US dollar, but as it operates internationally, it is exposed to a number of currencies, of
\nwhich the exposure to the US dollar, euro, Indian rupee, Brazilian real, Romanian lei, Turkish lira and Polish zloty are the most
\nsigni\ufb01cant. The group is also exposed to the British pound, Chinese yuan renminbi and South African rand, albeit to a lesser
\nextent. For purposes of the below analysis, \ufb01nancial instruments are only considered sensitive to foreign exchange rates when
\nthey are not denominated in the functional currency of the group entity holding the relevant \ufb01nancial instrument.
\nThe sensitivity analysis details the group\u2019s sensitivity to a 10% increase of the US dollar against the Indian rupee, South African
\nrand, euro and the Romanian lei (2022: 10% increase on aforementioned currencies) and a 20% increase of the US dollar against
\nthe Brazilian real, Turkish lira and Polish zloty (2022: 20% increase of the US dollar against forementioned currencies). These
\nmovements would result in a US$464m increase in net pro\ufb01t after tax for the year (2022: US$380m increase). Other equity would
\ndecrease by US$78m (2022: US$124m decrease).
\nThis analysis includes only outstanding foreign currency-denominated monetary assets and liabilities (ie those monetary assets
\nand liabilities denominated in a currency that di\ufb00ers from the relevant group company\u2019s functional currency) and adjusts their
\ntranslation at the period-end for the above percentage changes in foreign currency rates. The sensitivity analysis includes external
\nloans, as well as loans to foreign operations within the group, but excludes translation di\ufb00erences due to translating from
\nfunctional currency to presentation currency. The analysis has been adjusted for the e\ufb00ect of hedge accounting.
\nForeign exchange rates
\nThe exchange rates used by the group to translate foreign entities\u2019 income statements, statements of comprehensive income and
\nstatements of \ufb01nancial position are as follows:
\n31 March 2023
31 March 2022
\nAverage
\nrate
\nClosing
\nrate
\nAverage
\nrate
\nClosing
\nrate
\nCurrency (1FC = US$)
\nSouth African rand (ZAR)
0.0583
0.0562
0.0670
0.0685
\nEuro (EUR)
1.0415
1.0841
1.1586
1.1067
\nChinese yuan renminbi (RMB)
0.1453
0.1456
0.1562
0.1577
\nBrazilian real (BRL)
0.1943
0.1975
0.1891
0.2110
\nIndian rupee (INR)
0.0124
0.0122
0.0134
0.0132
\nPolish zloty (PLN)
0.2213
0.2317
0.2525
0.2382
\nRomanian lei (RON)
0.2114
0.2191
0.2346
0.2240
\nTurkish lira (YTL)
0.0557
0.0521
0.0927
0.0681
\nBritish pound sterling (GBP)
1.2036
1.2335
1.3620
1.3135
\nThe average rates listed above are only approximate average rates. The group measures separately the transactions of each of
\nits material operations, using the particular currency of the primary economic environment in which the operation conducts its
\nbusiness, translated at the prevailing exchange rate on the transaction date.
\n
\n\n
\n
\n\nThe below table details the group\u2019s unhedged liabilities that are denominated in a currency other than the functional currency of
\nthe settling entity:
\n31 March 2023
31 March 2022
\nCurrency
\namount of
\nliabilities
\nUS$\u2019m
US$\u2019m
\nCurrency
\namount of
\nliabilities
\nUS$\u2019m
US$\u2019m
\nUncovered liabilities
\nEuro
5 333
5 782
5 284
5 847
\nSouth African rand
7
\u2013
5
\u2013
\nUS dollar
\u2013
\u2013
13
13
\nBritish pound
1
1
1
2
\nOther
\u2013
6
\u2013
1
\nDerivative \ufb01nancial instruments
\nThe following table details the group\u2019s derivative \ufb01nancial instruments:
\n31 March 2023
31 March 2022
\nAssets
\nUS$\u2019m
\nLiabilities
\nUS$\u2019m
\nAssets
\nUS$\u2019m
\nLiabilities
\nUS$\u2019m
\nCurrent portion
\nForward exchange contracts
5
2
27
18
\n5
2
27
18
\nNon-current portion
\nDerivatives contained in lease agreements
\u2013
\u2013
11
2
\nCross-currency interest rate swap
\u2013
\u2013
2
\u2013
\n\u2013
\u2013
13
2
\nTotal
5
2
40
20
\nThe group\u2019s forward exchange contracts and cross-currency interest rate swap are subject to master netting arrangements that
\nallow for o\ufb00setting of asset and liability positions with the same counterparty in the event of default. None of the group\u2019s forward
\nexchange contracts and cross-currency interest rate swap agreement have been o\ufb00set in the consolidated statement of \ufb01nancial
\nposition. At\u00a031\u00a0March 2023 and 31 March 2022, there were no contracts that could be o\ufb00set under the master netting
\narrangement.
\n\n
\n
\n
\n40.2 Credit risk
\nThe group is exposed to credit risk relating to the following \ufb01nancial assets measured at amortised cost:
\nTrade receivables and accrued income balances
\nTrade receivables relate to amounts due from customers for goods sold or services rendered in the ordinary course of business.
\nThe group has a diversi\ufb01ed customer base across various geographical areas. Various credit checks are performed on new
\ndebtors to determine the quality of their credit history. These checks are also performed on existing debtors with long-overdue
\naccounts. Furthermore, current debtors are monitored to ensure they do not exceed their credit limits.
\nThe group\u2019s trade receivables arise mainly in its Payments and Fintech, Classi\ufb01eds, and Food Delivery segments. Average
\npayment terms vary considerably between the group\u2019s businesses, given the diverse nature of their operations. Average payment
\nterms, however, generally do not exceed 60 days from date of invoice.
\nAccrued income balances relate to unbilled revenue that has been earned and have substantially similar risk characteristics as
\ntrade receivables. Accrued income balances arise mainly in the group\u2019s Classi\ufb01eds, and Payments and Fintech segments and are
\nincluded within \u2018Other receivables\u2019 in the consolidated statement of \ufb01nancial position.
\nThe group applies the simpli\ufb01ed approach mandated by IFRS 9
Financial Instruments
when measuring impairment loss
\nallowances related to trade receivables and accrued income balances. Accordingly, the group\u2019s impairment allowances on these
\n\ufb01nancial assets equal, at all times, the credit losses expected to arise over the lifetime of these \ufb01nancial assets.
\nIn measuring credit losses expected to arise over the lifetime of trade receivables and accrued income balances, the \ufb01nancial
\nassets are grouped according to their shared credit characteristics and ageing pro\ufb01le.
\nThe quanti\ufb01cation of credit losses expected to arise over the lifetime of trade receivables and accrued income balances is based
\non (i) the group\u2019s actual observed historical loss experience/rates within each business and (ii) reasonable and supportable
\nforward-looking information that is considered predictive of future credit losses within each business.
\nThe historical loss experience/rates that are taken into account when determining impairment allowances is determined with
\nreference to representative sales periods within each business (typically not shorter than 12 months) and the credit losses incurred
\nover that period.
\nForward-looking information considered in measuring lifetime expected credit losses include macroeconomic factors, with the
\nmost signi\ufb01cant factors considered being in\ufb02ation and unemployment rate increases as these are considered to most signi\ufb01cantly
\na\ufb00ect the future ability of the group\u2019s customers to settle their accounts as they fall due for payment. All forward-looking
\ninformation considered is speci\ufb01c to the economy that most signi\ufb01cantly a\ufb00ects the underlying customer\u2019s ability to repay the
\nrelevant amount due. Due to the group\u2019s diverse operations, the forward-looking information considered, and the values assigned
\nto forward-looking information when calculating impairment allowances vary by business type and country in which the customer
\nis located.
\nAs at 31 March 2023, an impairment allowance (net of reversals) of US$8m (2022: US$6m) has been recognised with respect to
\ntrade receivables and accrued income balances.
\nFinancing receivables
\nFinancing receivables are amounts due from customers for \ufb01nancing provided for goods sold and other credit o\ufb00erings. The
\ngroup\u2019s \ufb01nancing receivables arise mainly in its Payments and Fintech, Classi\ufb01eds and Food Delivery segments. The
\nmeasurement of the expected credit loss allowance on these \ufb01nancing receivables is based on the general expected credit loss
\nmodel. The assessment considers whether there has been a signi\ufb01cant increase in credit risk. The receivables are analysed
\nbased on their ageing and the expected credit loss rate applied to the receivables is based on historical loss rates adjusted to
\nincorporate forward-looking information such as in\ufb02ation and unemployment rates. Various credit checks are performed on new
\ndebtors to determine the quality of their credit history. These checks are also performed on existing debtors with long-overdue
\naccounts. Furthermore, current debtors are monitored to ensure they do not exceed their credit limits. The majority of the \ufb01nancing
\nreceivables are current, and there has been no signi\ufb01cant increase in credit risk for these \ufb01nancing receivables since initial
\nrecognition. Consequently, the impairment loss allowance is based on a 12-month expected credit loss model.
\nAs at 31 March 2023, an impairment allowance (net of reversals) of US$33m (2022: US$9m) has been recognised with respect to
\n\ufb01nancing receivables.
\nRelated party loans and receivables
\nRelated party loans and receivables consist primarily of balances with a number of entities under the common control of Naspers,
\nthe group\u2019s ultimate controlling parent, as well as with certain associates and joint ventures of the group. The measurement of the
\nimpairment loss allowance on these loans and receivables is based on the assessment of whether there has been a signi\ufb01cant
\nincrease in credit risk. Management has assessed that the credit risk of these loans and receivables is based on the
\ncreditworthiness of the borrowers and their ability to repay the amounts owing. There has been no signi\ufb01cant increase in the
\ncredit risk of the borrowers during the current and prior \ufb01nancial year. Consequently, the impairment loss allowance is based on
\na 12-month expected credit loss model. As the amounts owing are due by group companies, the impairment assessment takes
\ninto account the default of the Naspers group on external debt (being the ultimate holding company able to repay debt on behalf
\nof group companies), the credit rating/probability of default of equity-accounted investments and letters of support by Naspers
\ngroup companies. The assessment also reviews actual performance against budgets and forecasts of group companies. Budget
\n
\n
\n
\n
\n\nforecasts consider the businesses of these group companies and equity-accounted investments remaining operational. In addition,
\nthese related parties have su\ufb03cient liquid assets and will therefore be able to settle their debt. As at 31 March 2023 and 2022,
\nimpairment allowances on related party loans and receivables were not material.
\nOther receivables
\nCredit risk related to other receivables arises mainly from accrued income balances, merchant and bank receivables, and
\ndisposal proceeds receivable.
\nAccrued income
\nThe credit risk pro\ufb01le and impairment methodology applied to accrued income balance that are included within \u2018Other
\nreceivables\u2019 in the consolidated statement of \ufb01nancial position is outlined above.
\nMerchant and bank receivables
\nMerchant and bank receivables balances relate to transactions, primarily in the group\u2019s Food Delivery, and Payments and Fintech
\nsegments, where the group facilitates the payment process between the end consumer and the provider of goods and services
\n(ie the merchant).
\nImpairment allowances are established on merchant and bank receivables by considering the group\u2019s historical loss experience/
\nrates as well as forward-looking information. The group also considers whether the underlying counterparty is a new or recurring
\ncustomer. The credit risk inherent in merchant and bank receivables is also reduced by the group\u2019s right to o\ufb00set amounts
\nreceivable from counterparties against the corresponding amounts payable to banks and other merchants (refer to note 39) in the
\nevent of default. An average payment term of 30 days generally applies to merchant and bank receivables. Merchant receivables
\nare generally recovered in the month subsequent to the \ufb01nancial year-end, as a result, impairment allowances are not signi\ufb01cant.
\nAs at 31 March 2023, an impairment allowance of US$4m (2022: US$4m) has been recognised with respect to merchant and
\nbank receivables.
\nDisposal proceeds receivable
\nDisposal proceeds receivable relate to amounts held in escrow following disposals of group businesses to external parties. These
\namounts are generally held in escrow by the relevant purchaser as security for the group\u2019s warranty and indemnity obligations in
\nterms of disposal agreements.
\nThe group assesses, on a continuing basis, whether a signi\ufb01cant increase in credit risk has taken place with respect to the
\nrelevant underlying counterparty. At 31 March 2023 and 31 March 2022, impairment allowances related to disposal proceeds
\nreceivable were not signi\ufb01cant.
\nLoan receivables
\nLoan receivables are amounts owing to various third parties of the group, including external service providers. The group
\nassesses, on a continuing basis, whether a signi\ufb01cant increase in credit risk has taken place with respect to the relevant
\nunderlying counterparty. At 31 March 2023, impairment allowances related to loan receivables amounted to US$nil
\n(31\u00a0March\u00a02022: US$7m).
\nCash and cash equivalents, short-term investments, derivative assets and investments at fair value through
\npro\ufb01t\u00a0and loss
\nThe group is exposed to certain concentrations of credit risk relating to its cash and cash equivalents, short-term investments,
\nderivative assets and investments at fair value through pro\ufb01t or loss. There are no signi\ufb01cant concentrations of credit risk relating
\nto derivative \ufb01nancial assets. The group places these instruments mainly with major banking groups and high-quality institutions
\nthat have high credit ratings. The group\u2019s treasury policy is designed to limit exposure to any one institution and to invest excess
\ncash in low-risk investment accounts. As at 31 March 2023, the group held the majority of its cash and cash equivalents, short-
\nterm investments and derivative assets with local and international banks with a \u2018Baa1\u2019 credit rating or higher. The majority of the
\ngroup\u2019s short-term investments are placed with international banks with an \u2018A1\u2019 credit rating (Moody\u2019s International\u2019s long-term
\ndeposit rating). The credit standings of counterparties that are used by the group are evaluated on a continuing basis.
\nTotal impairment losses on \ufb01nancial assets at amortised cost
\nTotal impairment losses (net of reversals) recorded on \ufb01nancial assets measured at amortised cost amounted to US$37m as at
\n31\u00a0March 2023 (2022: US$12m). The assessment includes all reasonable and supportable information about the likelihood that
\ncounterparties would breach their agreed payment terms and any deterioration of their credit ratings. Where relevant, additional
\nexpected credit losses were accounted for when deemed necessary.
\n\n
\n
\n
\n40.3 Liquidity risk
\nPrudent liquidity risk management implies, among other aspects, maintaining su\ufb03cient cash and marketable securities, the
\navailability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The
\nfacilities expiring within one year are subject to renewal at various dates during the next year. The group had the following
\nunutilised banking facilities as at 31 March 2023 and 31 March 2022:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOn call
123
121
\nExpiring within one year
160
19
\nExpiring beyond one year
2 516
2 502
\n2 799
2 642
\nThe following analysis details the remaining contractual maturity of the group\u2019s non-derivative liabilities and derivative \ufb01nancial
\nassets and liabilities. The analysis is based on the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on
\nwhich the group can be required to settle the liability. The analysis includes both interest and principal cash \ufb02ows.
\n31 March 2023
\nCarrying
\nvalue
\nUS$\u2019m
\nContractual
\ncash \ufb02ows
\nUS$\u2019m
\n0 \u2013 12
\nmonths
\nUS$\u2019m
\n1 \u2013 5
\nyears
\nUS$\u2019m
\n5 years+
\nUS$\u2019m
\nNon-derivative \ufb01nancial liabilities
\nInterest-bearing: Capitalised lease liabilities
(204)
(223)
(58)
(136)
(29)
\nInterest-bearing: Loans and other liabilities
(15 921)
(22 803)
(757)
(4 460)
(17 586)
\nNon-interest-bearing: Loans and other liabilities
(110)
(110)
(82)
(28)
\u2013
\nOther current and non-current liabilities
(889)
(899)
(773)
(126)
\u2013
\nTrade payables
(356)
(356)
(356)
\u2013
\u2013
\nAccrued expenses
(1 243)
(1 243)
(1 243)
\u2013
\u2013
\nRelated party loans and payables
(8)
(8)
(6)
(2)
\u2013
\nBank overdrafts
(28)
(28)
(28)
\u2013
\u2013
\nTrade payables classi\ufb01ed as held for sale
(165)
(165)
(165)
\u2013
\u2013
\nAccrued expenses classi\ufb01ed as held for sale
(66)
(66)
(66)
\u2013
\u2013
\nDerivative \ufb01nancial assets/(liabilities)
\nForward exchange contracts \u2013 in\ufb02ow
5
215
215
\u2013
\u2013
\nForward exchange contracts \u2013 out\ufb02ow
(2)
(213)
(213)
\u2013
\u2013
\n
\n
\n
\n
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nContractual
\ncash \ufb02ows
\nUS$\u2019m
\n0 \u2013 12
\nmonths
\nUS$\u2019m
\n1 \u2013 5
\nyears
\nUS$\u2019m
\n5 years+
\nUS$\u2019m
\nNon-derivative \ufb01nancial liabilities
\nInterest-bearing: Capitalised \ufb01nance leases
(263)
(282)
(64)
(178)
(40)
\nInterest-bearing: Loans and other liabilities
(15 829)
(23 098)
(464)
(3 813)
(18 821)
\nNon-interest-bearing: Loans and other liabilities
(81)
(109)
(44)
(65)
\u2013
\nOther current liabilities and non-current liabilities
(1 158)
(1 158)
(1 014)
(144)
\u2013
\nTrade payables
(549)
(549)
(549)
\u2013
\u2013
\nAccrued expenses
(1 017)
(1 017)
(1 017)
\u2013
\u2013
\nRelated party loans and payables
(10)
(10)
(8)
(2)
\u2013
\nBank overdrafts
(18)
(18)
(18)
\u2013
\u2013
\nDerivative \ufb01nancial assets/(liabilities)
\nForward exchange contracts \u2013 in\ufb02ow
27
4 769
4 769
\u2013
\u2013
\nForward exchange contracts \u2013 out\ufb02ow
(18)
(4 760)
(4 760)
\u2013
\u2013
\nDerivatives contained in lease agreements \u2013 in\ufb02ow
11
11
\u2013
11
\u2013
\nDerivatives contained in lease agreements \u2013 out\ufb02ow
(2)
(2)
\u2013
(2)
\u2013
\nCross-currency interest rate swap \u2013 in\ufb02ow
2
268
12
256
\u2013
\nCross-currency interest rate swap \u2013 out\ufb02ow
\u2013
(267)
(8)
(259)
\u2013
\n40.4 Interest rate risk
\nAs part of the process of managing the group\u2019s \ufb01xed and \ufb02oating borrowings mix, the interest rate characteristics of new
\nborrowings and the re\ufb01nancing of existing borrowings are positioned according to expected movements in interest rates. Where
\nappropriate, the group uses derivative \ufb01nancial instruments, such as interest rate swap agreements, purely for hedging purposes.
\nThe fair value of these instruments will not change signi\ufb01cantly as a result of changes in interest rates due to their short-term
\nnature and \ufb02oating interest rates.
\nRefer to note 30 for the interest rate pro\ufb01les and repayment terms of long-term liabilities as at 31\u00a0March 2023 and 2022.
\nInterest rate sensitivity analysis
\nThe sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative
\ninstruments at the statement of \ufb01nancial position date (after taking into account the e\ufb00ect of hedge accounting) and the
\nstipulated change taking place at the beginning of the next \ufb01nancial year and held constant throughout the reporting period in
\nthe case of instruments that have \ufb02oating rates. The group is mainly exposed to interest rate \ufb02uctuations of the South African,
\nAmerican, European, Brazilian and London Interbank Average Rates. Management\u2019s best estimate of the possible change in
\nthese interest rates is an increase of 100 basis points (2022: 100 basis points) for South African and European Interbank Average
\nRates and an increase of 300 basis points (2022: 300 basis points) for Brazilian and Johannesburg Interbank Average Rates.
\nIf interest rates changed as stipulated above and all other variables were held constant, speci\ufb01cally foreign exchange rates, the
\ngroup\u2019s net pro\ufb01t after tax and total equity for the year ended 31 March 2023 would decrease by US$37m (2022: increase on net
\npro\ufb01t (and equity) by US$82m).
\n40.5 Price risk
\nDuring the 31 March 2022 \ufb01nancial year, the group increased its shareholding in Delivery Hero by 2.5% to 27% from 25%. The
\nadditional investment was acquired initially as a call option to acquire the shares subject to competition approval, which was
\nconsidered highly probable. The group applied cash \ufb02ow hedge accounting to the highly probable forecast acquisition of this
\nadditional investment, hedging the exposure to future share price increases in Delivery Hero shares between the date the call
\noption was acquired, and the date approval was granted to acquire the additional shares. The additional investment in Delivery
\nHero was based on the fair value of the call option on the date that the approval was granted (US$817m) and the accumulated
\nlosses in the cash \ufb02ow hedge reserve (US$119m). The accumulated losses within the cash \ufb02ow hedge reserve were included in
\nthe cost of the investment, as based on the group\u2019s judgement the investment in associate is a non-\ufb01nancial asset. The resulting
\nadditional investment in Delivery Hero recognised after the basis adjustment was US$936m.
\nPrice risk sensitivity analysis
\nThe group has various listed investments measured at fair value through other comprehensive income. The group\u2019s sensitivity to a
\n10% decrease in the share price of these investments will result in a US$604m decrease in other comprehensive income (2022:
\nUS$477m). Refer to note 28 for details of the group\u2019s listed investments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32987": {
"value": "40.1 Foreign exchange risk The group operates internationally and is exposed to foreign exchange risk. A substantial portion of the group\u2019s revenue and
\nexpenses is denominated in the currencies of the countries in which it operates.
\nIn certain instances, the group will hedge its foreign currency risks associated with certain of its net investments in foreign
\noperations. The group will determine which investments to hedge based on the foreign currency risk arising on translation
\nof\u00a0its\u00a0foreign operations.
\nFollowing the acquisition of the group\u2019s interest in Delivery Hero SE during the 2018 \ufb01nancial year, the group elected to hedge the
\nforeign exchange risk resulting from the di\ufb00erence between the functional currency of Delivery Hero (euro) and the currency of the
\nfunding incurred to acquire the investment (US$). The group therefore entered into a cross-currency interest rate swap, and in
\norder to best re\ufb02ect the result of this risk management strategy, designated it as a hedge of its net investment in Delivery Hero.
\nAs the investment in Delivery Hero SE is translated at the spot rate, the group has designated only the spot exchange rate
\nelement of the cross-currency interest rate swap as forming part of the hedging relationship.
\nIn July 2021, the group issued US$1.85bn 3.061% notes due in 2031, \u20ac1.0bn 1.288% notes due in 2029 and \u20ac850m 1.985% notes
\ndue in 2033 (the bonds). The purpose of the o\ufb00erings was to raise proceeds for general corporate purposes, including debt
\nre\ufb01nancing, which took the form of a tender o\ufb00er made in relation to its bonds maturing in 2025 and 2027. Part of the notes due
\nin 2025 was linked to a cross-currency interest rate swap. Due to the part settlement of the 2025 bond notes, the group partly
\nsettled the cross-currency interest rate swap (the swap) related to the portion of the bond notes that were settled. The group
\ntherefore discontinued the hedge for the portion of the swap that was settled. The group continued the hedge relationship for the
\nremaining portion of the swap as the hedge of the net investment in Delivery Hero. The repayment of the swap amounted to
\nUS$20m in July 2021, representing the fair value of the portion settled at that date.
\nIn April 2022, the group designated \u20ac2.0bn of the euro bonds as a hedge of the net investment in Delivery Hero SE along with the
\ncross-currency interest swap discussed above. In March 2023, the group fully settled the cross-currency interest swap resulting in
\nthe cash receipt of US$13m. Subsequent to the settlement the group designated an additional \u20ac200m of the euro bond as a
\nhedge of the net investment in Delivery Hero SE. As at 31 March 2023, \u20ac2.2bn of the euro bonds were designated as a hedge of
\nthe net investment in Delivery Hero SE. The additional investment in Delivery Hero in the 2022 and 2023 \ufb01nancial year was funded
\nby the euro bonds, therefore this hedge designation creates as a natural o\ufb00set of the foreign currency exposure of the investment
\nand the bond liability. The group designated only the spot exchange rate element of the euro bonds in the hedging relationship.
\nThe hedge ratio remained 1:1 and the risk strategy for this hedge relationship remained unchanged. The accumulated amount
\nrecognised for this hedge relationship in the foreign currency translation reserve was not reclassi\ufb01ed following this partial
\nsettlement. The amount will only be reclassi\ufb01ed if the investment in Delivery Hero is disposed.
\nCumulative gains of US$35m (2022: loss of US$14m) have been recognised in the foreign currency translation reserve relating to
\nthe net investment hedge since the inception of the hedging relationship. The decrease in the value of the net investment in
\nDelivery Hero used to determine hedge ine\ufb00ectiveness for the period is US$1.5bn (2022: increase in value of US$2.1bn).
\nDuring the current year, total gains of US$55m (2022: US$12m) were recognised on the cross-currency interest rate swap prior to
\nsettlement and the euro bonds designated as a hedge. Gains of US$50m (2022: US$10m) for the year have been recognised in
\nthe foreign currency translation reserve relating to the net investment hedge (and comprise the fair value movements used as a
\nbasis for recognising hedge e\ufb00ectiveness). Gains of US$5m (2022: US$2m) were recognised as part of \u2018Other \ufb01nance (costs)/
\nincome \u2013 net\u2019 in the consolidated income statement. This is the element of the cross-currency interest rate swap prior to settlement
\nand the portion of the euro bonds not designated as part of the hedging relationship. Ine\ufb00ectiveness may arise from credit risk
\non the cross-currency interest rate swap and the euro bonds. Ine\ufb00ectiveness is negligible as all critical terms on the hedging
\ninstrument and hedged item match.
\nThe group does not apply hedge accounting with respect to any of its forward exchange contracts outstanding as at
\n31\u00a0March\u00a02023.
\n\n\n
\n
\n\nWhere the group has surplus funds o\ufb00shore, the treasury policy is to spread the funds between more than one currency to limit
\nthe e\ufb00ect of foreign exchange rate \ufb02uctuations and to generate the highest possible interest income. As at 31 March 2023, the
\ngroup had a net cash balance including short-term cash investments of US$16.26bn (2022:\u00a0US$13.55bn). These funds are largely
\ndenominated in US dollar which is also the functional currency of the relevant group subsidiary in which the cash is held.
\nHowever, there are certain money market investments held in euros by entities with US dollar functional currencies which
\ndo\u00a0give\u00a0rise to foreign currency risk.
\nForeign currency sensitivity analysis
\nThe group\u2019s presentation currency is the US dollar, but as it operates internationally, it is exposed to a number of currencies, of
\nwhich the exposure to the US dollar, euro, Indian rupee, Brazilian real, Romanian lei, Turkish lira and Polish zloty are the most
\nsigni\ufb01cant. The group is also exposed to the British pound, Chinese yuan renminbi and South African rand, albeit to a lesser
\nextent. For purposes of the below analysis, \ufb01nancial instruments are only considered sensitive to foreign exchange rates when
\nthey are not denominated in the functional currency of the group entity holding the relevant \ufb01nancial instrument.
\nThe sensitivity analysis details the group\u2019s sensitivity to a 10% increase of the US dollar against the Indian rupee, South African
\nrand, euro and the Romanian lei (2022: 10% increase on aforementioned currencies) and a 20% increase of the US dollar against
\nthe Brazilian real, Turkish lira and Polish zloty (2022: 20% increase of the US dollar against forementioned currencies). These
\nmovements would result in a US$464m increase in net pro\ufb01t after tax for the year (2022: US$380m increase). Other equity would
\ndecrease by US$78m (2022: US$124m decrease).
\nThis analysis includes only outstanding foreign currency-denominated monetary assets and liabilities (ie those monetary assets
\nand liabilities denominated in a currency that di\ufb00ers from the relevant group company\u2019s functional currency) and adjusts their
\ntranslation at the period-end for the above percentage changes in foreign currency rates. The sensitivity analysis includes external
\nloans, as well as loans to foreign operations within the group, but excludes translation di\ufb00erences due to translating from
\nfunctional currency to presentation currency. The analysis has been adjusted for the e\ufb00ect of hedge accounting.
\nForeign exchange rates
\nThe exchange rates used by the group to translate foreign entities\u2019 income statements, statements of comprehensive income and
\nstatements of \ufb01nancial position are as follows:
\n31 March 2023
31 March 2022
\nAverage
\nrate
\nClosing
\nrate
\nAverage
\nrate
\nClosing
\nrate
\nCurrency (1FC = US$)
\nSouth African rand (ZAR)
0.0583
0.0562
0.0670
0.0685
\nEuro (EUR)
1.0415
1.0841
1.1586
1.1067
\nChinese yuan renminbi (RMB)
0.1453
0.1456
0.1562
0.1577
\nBrazilian real (BRL)
0.1943
0.1975
0.1891
0.2110
\nIndian rupee (INR)
0.0124
0.0122
0.0134
0.0132
\nPolish zloty (PLN)
0.2213
0.2317
0.2525
0.2382
\nRomanian lei (RON)
0.2114
0.2191
0.2346
0.2240
\nTurkish lira (YTL)
0.0557
0.0521
0.0927
0.0681
\nBritish pound sterling (GBP)
1.2036
1.2335
1.3620
1.3135
\nThe average rates listed above are only approximate average rates. The group measures separately the transactions of each of
\nits material operations, using the particular currency of the primary economic environment in which the operation conducts its
\nbusiness, translated at the prevailing exchange rate on the transaction date.
\n
\n\n
\n
\n\nThe below table details the group\u2019s unhedged liabilities that are denominated in a currency other than the functional currency of
\nthe settling entity:
\n31 March 2023
31 March 2022
\nCurrency
\namount of
\nliabilities
\nUS$\u2019m
US$\u2019m
\nCurrency
\namount of
\nliabilities
\nUS$\u2019m
US$\u2019m
\nUncovered liabilities
\nEuro
5 333
5 782
5 284
5 847
\nSouth African rand
7
\u2013
5
\u2013
\nUS dollar
\u2013
\u2013
13
13
\nBritish pound
1
1
1
2
\nOther
\u2013
6
\u2013
1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33230": {
"value": "Derivative \ufb01nancial instruments The following table details the group\u2019s derivative \ufb01nancial instruments:
\n31 March 2023
31 March 2022
\nAssets
\nUS$\u2019m
\nLiabilities
\nUS$\u2019m
\nAssets
\nUS$\u2019m
\nLiabilities
\nUS$\u2019m
\nCurrent portion
\nForward exchange contracts
5
2
27
18
\n5
2
27
18
\nNon-current portion
\nDerivatives contained in lease agreements
\u2013
\u2013
11
2
\nCross-currency interest rate swap
\u2013
\u2013
2
\u2013
\n\u2013
\u2013
13
2
\nTotal
5
2
40
20
\nThe group\u2019s forward exchange contracts and cross-currency interest rate swap are subject to master netting arrangements that
\nallow for o\ufb00setting of asset and liability positions with the same counterparty in the event of default. None of the group\u2019s forward
\nexchange contracts and cross-currency interest rate swap agreement have been o\ufb00set in the consolidated statement of \ufb01nancial
\nposition. At\u00a031\u00a0March 2023 and 31 March 2022, there were no contracts that could be o\ufb00set under the master netting
\narrangement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33309": {
"value": "40.2 Credit risk The group is exposed to credit risk relating to the following \ufb01nancial assets measured at amortised cost:
\nTrade receivables and accrued income balances
\nTrade receivables relate to amounts due from customers for goods sold or services rendered in the ordinary course of business.
\nThe group has a diversi\ufb01ed customer base across various geographical areas. Various credit checks are performed on new
\ndebtors to determine the quality of their credit history. These checks are also performed on existing debtors with long-overdue
\naccounts. Furthermore, current debtors are monitored to ensure they do not exceed their credit limits.
\nThe group\u2019s trade receivables arise mainly in its Payments and Fintech, Classi\ufb01eds, and Food Delivery segments. Average
\npayment terms vary considerably between the group\u2019s businesses, given the diverse nature of their operations. Average payment
\nterms, however, generally do not exceed 60 days from date of invoice.
\nAccrued income balances relate to unbilled revenue that has been earned and have substantially similar risk characteristics as
\ntrade receivables. Accrued income balances arise mainly in the group\u2019s Classi\ufb01eds, and Payments and Fintech segments and are
\nincluded within \u2018Other receivables\u2019 in the consolidated statement of \ufb01nancial position.
\nThe group applies the simpli\ufb01ed approach mandated by IFRS 9
Financial Instruments
when measuring impairment loss
\nallowances related to trade receivables and accrued income balances. Accordingly, the group\u2019s impairment allowances on these
\n\ufb01nancial assets equal, at all times, the credit losses expected to arise over the lifetime of these \ufb01nancial assets.
\nIn measuring credit losses expected to arise over the lifetime of trade receivables and accrued income balances, the \ufb01nancial
\nassets are grouped according to their shared credit characteristics and ageing pro\ufb01le.
\nThe quanti\ufb01cation of credit losses expected to arise over the lifetime of trade receivables and accrued income balances is based
\non (i) the group\u2019s actual observed historical loss experience/rates within each business and (ii) reasonable and supportable
\nforward-looking information that is considered predictive of future credit losses within each business.
\nThe historical loss experience/rates that are taken into account when determining impairment allowances is determined with
\nreference to representative sales periods within each business (typically not shorter than 12 months) and the credit losses incurred
\nover that period.
\nForward-looking information considered in measuring lifetime expected credit losses include macroeconomic factors, with the
\nmost signi\ufb01cant factors considered being in\ufb02ation and unemployment rate increases as these are considered to most signi\ufb01cantly
\na\ufb00ect the future ability of the group\u2019s customers to settle their accounts as they fall due for payment. All forward-looking
\ninformation considered is speci\ufb01c to the economy that most signi\ufb01cantly a\ufb00ects the underlying customer\u2019s ability to repay the
\nrelevant amount due. Due to the group\u2019s diverse operations, the forward-looking information considered, and the values assigned
\nto forward-looking information when calculating impairment allowances vary by business type and country in which the customer
\nis located.
\nAs at 31 March 2023, an impairment allowance (net of reversals) of US$8m (2022: US$6m) has been recognised with respect to
\ntrade receivables and accrued income balances.
\nFinancing receivables
\nFinancing receivables are amounts due from customers for \ufb01nancing provided for goods sold and other credit o\ufb00erings. The
\ngroup\u2019s \ufb01nancing receivables arise mainly in its Payments and Fintech, Classi\ufb01eds and Food Delivery segments. The
\nmeasurement of the expected credit loss allowance on these \ufb01nancing receivables is based on the general expected credit loss
\nmodel. The assessment considers whether there has been a signi\ufb01cant increase in credit risk. The receivables are analysed
\nbased on their ageing and the expected credit loss rate applied to the receivables is based on historical loss rates adjusted to
\nincorporate forward-looking information such as in\ufb02ation and unemployment rates. Various credit checks are performed on new
\ndebtors to determine the quality of their credit history. These checks are also performed on existing debtors with long-overdue
\naccounts. Furthermore, current debtors are monitored to ensure they do not exceed their credit limits. The majority of the \ufb01nancing
\nreceivables are current, and there has been no signi\ufb01cant increase in credit risk for these \ufb01nancing receivables since initial
\nrecognition. Consequently, the impairment loss allowance is based on a 12-month expected credit loss model.
\nAs at 31 March 2023, an impairment allowance (net of reversals) of US$33m (2022: US$9m) has been recognised with respect to
\n\ufb01nancing receivables.
\nRelated party loans and receivables
\nRelated party loans and receivables consist primarily of balances with a number of entities under the common control of Naspers,
\nthe group\u2019s ultimate controlling parent, as well as with certain associates and joint ventures of the group. The measurement of the
\nimpairment loss allowance on these loans and receivables is based on the assessment of whether there has been a signi\ufb01cant
\nincrease in credit risk. Management has assessed that the credit risk of these loans and receivables is based on the
\ncreditworthiness of the borrowers and their ability to repay the amounts owing. There has been no signi\ufb01cant increase in the
\ncredit risk of the borrowers during the current and prior \ufb01nancial year. Consequently, the impairment loss allowance is based on
\na 12-month expected credit loss model. As the amounts owing are due by group companies, the impairment assessment takes
\ninto account the default of the Naspers group on external debt (being the ultimate holding company able to repay debt on behalf
\nof group companies), the credit rating/probability of default of equity-accounted investments and letters of support by Naspers
\ngroup companies. The assessment also reviews actual performance against budgets and forecasts of group companies. Budget
\n
\n
\n
\n
\n\nforecasts consider the businesses of these group companies and equity-accounted investments remaining operational. In addition,
\nthese related parties have su\ufb03cient liquid assets and will therefore be able to settle their debt. As at 31 March 2023 and 2022,
\nimpairment allowances on related party loans and receivables were not material.
\nOther receivables
\nCredit risk related to other receivables arises mainly from accrued income balances, merchant and bank receivables, and
\ndisposal proceeds receivable.
\nAccrued income
\nThe credit risk pro\ufb01le and impairment methodology applied to accrued income balance that are included within \u2018Other
\nreceivables\u2019 in the consolidated statement of \ufb01nancial position is outlined above.
\nMerchant and bank receivables
\nMerchant and bank receivables balances relate to transactions, primarily in the group\u2019s Food Delivery, and Payments and Fintech
\nsegments, where the group facilitates the payment process between the end consumer and the provider of goods and services
\n(ie the merchant).
\nImpairment allowances are established on merchant and bank receivables by considering the group\u2019s historical loss experience/
\nrates as well as forward-looking information. The group also considers whether the underlying counterparty is a new or recurring
\ncustomer. The credit risk inherent in merchant and bank receivables is also reduced by the group\u2019s right to o\ufb00set amounts
\nreceivable from counterparties against the corresponding amounts payable to banks and other merchants (refer to note 39) in the
\nevent of default. An average payment term of 30 days generally applies to merchant and bank receivables. Merchant receivables
\nare generally recovered in the month subsequent to the \ufb01nancial year-end, as a result, impairment allowances are not signi\ufb01cant.
\nAs at 31 March 2023, an impairment allowance of US$4m (2022: US$4m) has been recognised with respect to merchant and
\nbank receivables.
\nDisposal proceeds receivable
\nDisposal proceeds receivable relate to amounts held in escrow following disposals of group businesses to external parties. These
\namounts are generally held in escrow by the relevant purchaser as security for the group\u2019s warranty and indemnity obligations in
\nterms of disposal agreements.
\nThe group assesses, on a continuing basis, whether a signi\ufb01cant increase in credit risk has taken place with respect to the
\nrelevant underlying counterparty. At 31 March 2023 and 31 March 2022, impairment allowances related to disposal proceeds
\nreceivable were not signi\ufb01cant.
\nLoan receivables
\nLoan receivables are amounts owing to various third parties of the group, including external service providers. The group
\nassesses, on a continuing basis, whether a signi\ufb01cant increase in credit risk has taken place with respect to the relevant
\nunderlying counterparty. At 31 March 2023, impairment allowances related to loan receivables amounted to US$nil
\n(31\u00a0March\u00a02022: US$7m).
\nCash and cash equivalents, short-term investments, derivative assets and investments at fair value through
\npro\ufb01t\u00a0and loss
\nThe group is exposed to certain concentrations of credit risk relating to its cash and cash equivalents, short-term investments,
\nderivative assets and investments at fair value through pro\ufb01t or loss. There are no signi\ufb01cant concentrations of credit risk relating
\nto derivative \ufb01nancial assets. The group places these instruments mainly with major banking groups and high-quality institutions
\nthat have high credit ratings. The group\u2019s treasury policy is designed to limit exposure to any one institution and to invest excess
\ncash in low-risk investment accounts. As at 31 March 2023, the group held the majority of its cash and cash equivalents, short-
\nterm investments and derivative assets with local and international banks with a \u2018Baa1\u2019 credit rating or higher. The majority of the
\ngroup\u2019s short-term investments are placed with international banks with an \u2018A1\u2019 credit rating (Moody\u2019s International\u2019s long-term
\ndeposit rating). The credit standings of counterparties that are used by the group are evaluated on a continuing basis.
\nTotal impairment losses on \ufb01nancial assets at amortised cost
\nTotal impairment losses (net of reversals) recorded on \ufb01nancial assets measured at amortised cost amounted to US$37m as at
\n31\u00a0March 2023 (2022: US$12m). The assessment includes all reasonable and supportable information about the likelihood that
\ncounterparties would breach their agreed payment terms and any deterioration of their credit ratings. Where relevant, additional
\nexpected credit losses were accounted for when deemed necessary.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33443": {
"value": "Cash and cash equivalents, short-term investments, derivative assets and investments at fair value through pro\ufb01t\u00a0and loss
\nThe group is exposed to certain concentrations of credit risk relating to its cash and cash equivalents, short-term investments,
\nderivative assets and investments at fair value through pro\ufb01t or loss. There are no signi\ufb01cant concentrations of credit risk relating
\nto derivative \ufb01nancial assets. The group places these instruments mainly with major banking groups and high-quality institutions
\nthat have high credit ratings. The group\u2019s treasury policy is designed to limit exposure to any one institution and to invest excess
\ncash in low-risk investment accounts. As at 31 March 2023, the group held the majority of its cash and cash equivalents, short-
\nterm investments and derivative assets with local and international banks with a \u2018Baa1\u2019 credit rating or higher. The majority of the
\ngroup\u2019s short-term investments are placed with international banks with an \u2018A1\u2019 credit rating (Moody\u2019s International\u2019s long-term
\ndeposit rating). The credit standings of counterparties that are used by the group are evaluated on a continuing basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33493": {
"value": "40.3 Liquidity risk Prudent liquidity risk management implies, among other aspects, maintaining su\ufb03cient cash and marketable securities, the
\navailability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The
\nfacilities expiring within one year are subject to renewal at various dates during the next year. The group had the following
\nunutilised banking facilities as at 31 March 2023 and 31 March 2022:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOn call
123
121
\nExpiring within one year
160
19
\nExpiring beyond one year
2 516
2 502
\n2 799
2 642
\nThe following analysis details the remaining contractual maturity of the group\u2019s non-derivative liabilities and derivative \ufb01nancial
\nassets and liabilities. The analysis is based on the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on
\nwhich the group can be required to settle the liability. The analysis includes both interest and principal cash \ufb02ows.
\n31 March 2023
\nCarrying
\nvalue
\nUS$\u2019m
\nContractual
\ncash \ufb02ows
\nUS$\u2019m
\n0 \u2013 12
\nmonths
\nUS$\u2019m
\n1 \u2013 5
\nyears
\nUS$\u2019m
\n5 years+
\nUS$\u2019m
\nNon-derivative \ufb01nancial liabilities
\nInterest-bearing: Capitalised lease liabilities
(204)
(223)
(58)
(136)
(29)
\nInterest-bearing: Loans and other liabilities
(15 921)
(22 803)
(757)
(4 460)
(17 586)
\nNon-interest-bearing: Loans and other liabilities
(110)
(110)
(82)
(28)
\u2013
\nOther current and non-current liabilities
(889)
(899)
(773)
(126)
\u2013
\nTrade payables
(356)
(356)
(356)
\u2013
\u2013
\nAccrued expenses
(1 243)
(1 243)
(1 243)
\u2013
\u2013
\nRelated party loans and payables
(8)
(8)
(6)
(2)
\u2013
\nBank overdrafts
(28)
(28)
(28)
\u2013
\u2013
\nTrade payables classi\ufb01ed as held for sale
(165)
(165)
(165)
\u2013
\u2013
\nAccrued expenses classi\ufb01ed as held for sale
(66)
(66)
(66)
\u2013
\u2013
\nDerivative \ufb01nancial assets/(liabilities)
\nForward exchange contracts \u2013 in\ufb02ow
5
215
215
\u2013
\u2013
\nForward exchange contracts \u2013 out\ufb02ow
(2)
(213)
(213)
\u2013
\u2013
\n
\n
\n
\n
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nContractual
\ncash \ufb02ows
\nUS$\u2019m
\n0 \u2013 12
\nmonths
\nUS$\u2019m
\n1 \u2013 5
\nyears
\nUS$\u2019m
\n5 years+
\nUS$\u2019m
\nNon-derivative \ufb01nancial liabilities
\nInterest-bearing: Capitalised \ufb01nance leases
(263)
(282)
(64)
(178)
(40)
\nInterest-bearing: Loans and other liabilities
(15 829)
(23 098)
(464)
(3 813)
(18 821)
\nNon-interest-bearing: Loans and other liabilities
(81)
(109)
(44)
(65)
\u2013
\nOther current liabilities and non-current liabilities
(1 158)
(1 158)
(1 014)
(144)
\u2013
\nTrade payables
(549)
(549)
(549)
\u2013
\u2013
\nAccrued expenses
(1 017)
(1 017)
(1 017)
\u2013
\u2013
\nRelated party loans and payables
(10)
(10)
(8)
(2)
\u2013
\nBank overdrafts
(18)
(18)
(18)
\u2013
\u2013
\nDerivative \ufb01nancial assets/(liabilities)
\nForward exchange contracts \u2013 in\ufb02ow
27
4 769
4 769
\u2013
\u2013
\nForward exchange contracts \u2013 out\ufb02ow
(18)
(4 760)
(4 760)
\u2013
\u2013
\nDerivatives contained in lease agreements \u2013 in\ufb02ow
11
11
\u2013
11
\u2013
\nDerivatives contained in lease agreements \u2013 out\ufb02ow
(2)
(2)
\u2013
(2)
\u2013
\nCross-currency interest rate swap \u2013 in\ufb02ow
2
268
12
256
\u2013
\nCross-currency interest rate swap \u2013 out\ufb02ow
\u2013
(267)
(8)
(259)
\u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33743": {
"value": "40.4 Interest rate risk As part of the process of managing the group\u2019s \ufb01xed and \ufb02oating borrowings mix, the interest rate characteristics of new
\nborrowings and the re\ufb01nancing of existing borrowings are positioned according to expected movements in interest rates. Where
\nappropriate, the group uses derivative \ufb01nancial instruments, such as interest rate swap agreements, purely for hedging purposes.
\nThe fair value of these instruments will not change signi\ufb01cantly as a result of changes in interest rates due to their short-term
\nnature and \ufb02oating interest rates.
\nRefer to note 30 for the interest rate pro\ufb01les and repayment terms of long-term liabilities as at 31\u00a0March 2023 and 2022.
\nInterest rate sensitivity analysis
\nThe sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative
\ninstruments at the statement of \ufb01nancial position date (after taking into account the e\ufb00ect of hedge accounting) and the
\nstipulated change taking place at the beginning of the next \ufb01nancial year and held constant throughout the reporting period in
\nthe case of instruments that have \ufb02oating rates. The group is mainly exposed to interest rate \ufb02uctuations of the South African,
\nAmerican, European, Brazilian and London Interbank Average Rates. Management\u2019s best estimate of the possible change in
\nthese interest rates is an increase of 100 basis points (2022: 100 basis points) for South African and European Interbank Average
\nRates and an increase of 300 basis points (2022: 300 basis points) for Brazilian and Johannesburg Interbank Average Rates.
\nIf interest rates changed as stipulated above and all other variables were held constant, speci\ufb01cally foreign exchange rates, the
\ngroup\u2019s net pro\ufb01t after tax and total equity for the year ended 31 March 2023 would decrease by US$37m (2022: increase on net
\npro\ufb01t (and equity) by US$82m).
\n40.5 Price risk
\nDuring the 31 March 2022 \ufb01nancial year, the group increased its shareholding in Delivery Hero by 2.5% to 27% from 25%. The
\nadditional investment was acquired initially as a call option to acquire the shares subject to competition approval, which was
\nconsidered highly probable. The group applied cash \ufb02ow hedge accounting to the highly probable forecast acquisition of this
\nadditional investment, hedging the exposure to future share price increases in Delivery Hero shares between the date the call
\noption was acquired, and the date approval was granted to acquire the additional shares. The additional investment in Delivery
\nHero was based on the fair value of the call option on the date that the approval was granted (US$817m) and the accumulated
\nlosses in the cash \ufb02ow hedge reserve (US$119m). The accumulated losses within the cash \ufb02ow hedge reserve were included in
\nthe cost of the investment, as based on the group\u2019s judgement the investment in associate is a non-\ufb01nancial asset. The resulting
\nadditional investment in Delivery Hero recognised after the basis adjustment was US$936m.
\nPrice risk sensitivity analysis
\nThe group has various listed investments measured at fair value through other comprehensive income. The group\u2019s sensitivity to a
\n10% decrease in the share price of these investments will result in a US$604m decrease in other comprehensive income (2022:
US$477m). Refer to note 28 for details of the group\u2019s listed investments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33808": {
"value": "41. Fair value of \ufb01nancial instruments
\nThe carrying values, net gains and losses recognised in pro\ufb01t or loss, total interest income, total interest expense and impairment
\nper class of \ufb01nancial instrument are as follows:
\n31 March 2023
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nincome
\nUS$\u2019m
\nImpairment
\nUS$\u2019m
\nAssets
\nOther investments
7 570
(99)
\u2013
\u2013
\nFinancial assets at fair value through pro\ufb01t or loss
34
(99)
\u2013
\u2013
\nFinancial assets at fair value through other comprehensive
\nincome
\n2
\n7 528
\u2013
\u2013
\u2013
\nOther loans and investments
\n3
\n8
\u2013
\u2013
\nReceivables and loans
\n3
\n1 719
(28)
38
36
\nTrade and \ufb01nancing receivables
659
\u2013
1
44
\nOther receivables
602
(30)
2
(7)
\nForeign currency intergroup receivables
\u2013
2
\u2013
\u2013
\nTrade and other receivables classi\ufb01ed as held for sale
164
\u2013
\u2013
(1)
\nRelated party receivables
294
\u2013
35
\u2013
\nDerivative \ufb01nancial instruments
\n1
\n5
10
\u2013
\u2013
\nForward exchange contracts
5
\u2013
\u2013
\u2013
\nCross-currency interest rate swap
\u2013
10
\u2013
\u2013
\nDerivatives contained in lease agreements
\u2013
\u2013
\u2013
\u2013
\nShort-term investments
\n3
\n6 726
(42)
160
\u2013
\nCash and cash equivalents classi\ufb01ed as held for sale
94
\u2013
\u2013
\u2013
\nCash and cash equivalents
\n1, 3
\n9 565
35
278
\u2013
\nTotal
25 679
(124)
476
36
\n1 Measured at fair value through pro\ufb01t or loss. Cash and cash equivalents include money market funds that are part of cash and cash equivalents.
\n2 During the year losses of US$158m (2022: US$1.2bn) was recognised in other comprehensive income with respect to the group\u2019s \ufb01nancial assets at fair value
\nthrough other comprehensive income.
\n3 Measured at amortised cost.
\n\n
\n
\n
31 March 2023
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nexpense
\nUS$\u2019m
\nLiabilities
\nLong-term liabilities
\n1
\n15 925
120
492
\nInterest-bearing: Capitalised lease liabilities
150
\u2013
2
\nInterest-bearing: Loans and other liabilities
15 596
118
490
\nNon-interest-bearing: Loans and other liabilities
22
\u2013
\u2013
\nLong-term liabilities classi\ufb01ed as held for sale
29
\u2013
\u2013
\nOther non-current liabilities
\n2
\n126
2
\u2013
\nRelated party loans and payables
2
\u2013
\u2013
\nShort-term payables and loans
\n1
\n3 076
5
41
\nInterest-bearing: Capitalised lease liabilities
54
1
5
\nInterest-bearing: Loans and other liabilities
325
1
7
\nNon-interest-bearing: Loans and other liabilities
88
\u2013
\u2013
\nTrade payables
356
\u2013
1
\nTrade payables classi\ufb01ed as held for sale
165
\u2013
\u2013
\nOther current liabilities
\n2
\n773
3
\u2013
\nAccrued expenses
1 243
(7)
28
\nAccrued expenses classi\ufb01ed as held for sale
66
\u2013
\u2013
\nRelated party loans and payables
6
3
\u2013
\nForeign currency intergroup payables
\u2013
4
\u2013
\nDerivative \ufb01nancial instruments
\n3
\n2
7
\u2013
\nForward exchange contracts
2
7
\u2013
\nDerivatives contained in lease agreements
\u2013
\u2013
\u2013
\nBank overdrafts
\n1
\n28
\u2013
22
\nTotal
19 031
132
555
\n1 Measured at amortised cost, except for earn-out obligations included in non-interest-bearing loans and other liabilities.
\n2 Includes written put option liabilities Refer to note 31.
\n3 Measured at fair value through pro\ufb01t or loss.
\nThe carrying values of all \ufb01nancial instruments, apart from those disclosed below, are considered to be a reasonable
\napproximation of their fair values. The carrying values of these \ufb01nancial instruments are considered to be a reasonable
\napproximation of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
\nmarket participants.
\nThe fair values of the group\u2019s publicly traded bonds are detailed below:
\nFinancial liabilities
\nCarrying
\nvalue
\nUS$\u2019m
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\n31 March 2023
\nPublicly traded bonds
\n1
\n15 377
12 009
\u2013
12 009
\u2013
\n31 March 2022
\nPublicly traded bonds
\n1
\n15 492
13 056
\u2013
13 056
\u2013
\n1 Refer to note 30 for further details on the publicly traded bonds.
\nThe fair values of the publicly traded bonds have been determined with reference to the listed prices of the instruments as at the
\nend of the reporting period. The fair values of the publicly traded bonds are level 2 \ufb01nancial instruments. The publicly traded
\nbonds are listed on the Irish Stock Exchange (Euronext Dublin).
\n\n\n\n
\n
\n
\n31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nincome
\nUS$\u2019m
\nImpairment
\nUS$\u2019m
\nAssets
\nOther investments
5 981
3
\u2013
\u2013
\nFinancial assets at fair value through pro\ufb01t or loss
63
3
\u2013
\u2013
\nFinancial assets at fair value through other
\ncomprehensive\u00a0income
\n1
\n5 918
\u2013
\u2013
\u2013
\nReceivables and loans
\n3
\n1 354
31
13
17
\nTrade and \ufb01nancing receivables
461
(3)
\u2013
6
\nOther receivables
460
\u2013
1
11
\nRelated party receivables
433
34
12
\u2013
\nDerivative \ufb01nancial instruments
\n2
\n40
6
\u2013
\u2013
\nForward exchange contracts
27
\u2013
\u2013
\u2013
\nCross-currency interest rate swap
2
\u2013
\u2013
\u2013
\nDerivatives contained in lease agreements
11
6
\u2013
\u2013
\nShort-term investments
\n3
\n3 924
(63)
9
\u2013
\nCash and cash equivalents
\n2, 3
\n9 646
(29)
30
\u2013
\nTotal
20 945
(52)
52
17
\n1 During the year, losses of US$1.2bn were recognised in other comprehensive income with respect to the group\u2019s \ufb01nancial assets at fair value through other
\ncomprehensive income.
\n2 Measured at fair value through pro\ufb01t or loss. Cash and cash equivalents include money market funds that are part of cash and cash equivalents.
\n3 Measured at amortised cost.
\n
\n
\n
\n
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nexpense
\nUS$\u2019m
\nLiabilities
\nLong-term liabilities
\n1
\n16 007
68
386
\nInterest-bearing: Capitalised \ufb01nance leases
200
\u2013
8
\nInterest-bearing: Loans and other liabilities
15 611
68
378
\nNon-interest-bearing: Loans and other liabilities
50
\u2013
\u2013
\nOther non-current liabilities
\n2
\n144
\u2013
\u2013
\nRelated party loans and payables
2
\u2013
\u2013
\nShort-term payables and loans
\n1
\n2 900
26
5
\nInterest-bearing: Capitalised \ufb01nance leases
63
(1)
2
\nInterest-bearing: Loans and other liabilities
218
\u2013
2
\nNon-interest-bearing: Loans and other liabilities
31
\u2013
\u2013
\nTrade payables
549
(7)
\u2013
\nOther current liabilities
\n2
\n1 014
14
\u2013
\nAccrued expenses
1 017
6
1
\nRelated party loans and payables
8
\u2013
\u2013
\nForeign currency intergroup payables
\u2013
14
\u2013
\nDerivative \ufb01nancial instruments
\n3
\n20
7
\u2013
\nForward exchange contracts
18
8
\u2013
\nDerivatives contained in lease agreements
2
(1)
\u2013
\nBank overdrafts
\n1
\n18
\u2013
7
\nTotal
18 945
101
398
\n1 Measured at amortised cost, except for earn-out obligations included in non-interest-bearing loans and other liabilities.
\n2 Includes written put option liabilities Refer to note 31.
\n3 Measured at fair value through pro\ufb01t or loss.
\nThe group categorises fair value measurements into levels 1 to 3 of the fair value hierarchy based on the degree to which the
\ninputs used in measuring fair value are observable:
\n\u00bb
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets
\nor\u00a0liabilities.
\n\u00bb
Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). The fair value of \ufb01nancial
\ninstruments that are not traded in active markets (for example, derivatives such as interest rate swaps, forward exchange
\ncontracts and certain options) is determined through valuation techniques. These valuation techniques maximise the use of
\nobservable market data where it is available and rely as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs
\nrequired to measure the fair value of an instrument are observable, the instrument is included in level 2.
\n\u00bb
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
\nare\u00a0not based on observable market data (unobservable inputs).
\n\n\n\n
\n\n
\nValuation techniques and key inputs used to measure signi\ufb01cant level 2 and level 3 fair values
\nLevel 2 fair value measurements
\n\u00bb
Forward exchange contracts
\u2013 in measuring the fair value of forward exchange contracts, the group makes use of market
\nobservable quotes of forward foreign exchange rates on instruments that have a maturity similar to the maturity pro\ufb01le of the
\ngroup\u2019s forward exchange contracts. Key inputs used in measuring the fair value of forward exchange contracts include: current
\nspot exchange rates, market forward exchange rates, and the term of the group\u2019s forward exchange contracts.
\n\u00bb
Cross-currency interest rate swap
\u2013 the fair value of the group\u2019s interest rate and cross-currency swaps is determined through
\nthe use of discounted cash \ufb02ow techniques using only market observable information. Key inputs used in measuring the fair
\nvalue of interest rate and cross-currency swaps include: spot market interest rates, contractually \ufb01xed interest rates, foreign
\nexchange rates, counterparty credit spreads, notional amounts on which interest rate swaps are based, payment intervals,
\nrisk-free interest rates, as well as the duration of the relevant interest rate and cross-currency swap arrangement.
\n\u00bb
Cash and cash equivalents
\u2013 relate to short-term bank deposits, which are money market funds held with major banking
\ngroups and high-quality institutions that have AAA money market fund credit ratings from internationally recognised ratings
\nagencies. The fair value of these deposits is determined by the amounts deposited and the gains or losses generated by the
\nfunds as detailed in the statements provided by these Institutions. The gains/losses are recognised in the consolidated income
\nstatement.
\n\u00bb
Financial assets at fair value
\u2013 relates to a contractual right to receive shares or cash. The fair value is based on a listed
\nshare price on the date the transaction was entered into.
\nLevel 3 fair value measurements
\n\u00bb
Financial assets at fair value
\u2013 relate predominantly to unlisted equity investments and the residual interest in the Naspers
\ngroup. The fair value of unlisted equity investments is based on the most recent funding transactions for these investments, a
\ndiscounted cash \ufb02ow calculation (DCF), or a weighted-income and market approach using a discounted cash \ufb02ow calculation and
\nmarket multiples. The unlisted equity investments based on a DCF or weighted-income and market approach relate to investments
\nin the Edtech segment. The fair value of these unlisted equity investments is based on the following unobservable inputs:
\n\u00bb
Revenue growth rates and EBITDA margins
\nRevenue growth rates and EBITDA margins are based on past experience and management\u2019s future expectations of business
\nperformance.
\n\u00bb
Growth rate
\nThe long-term growth rate is based on expectations for in\ufb02ation in the regions in which the business operates, the data is
\nsourced from publicly available information. The long-term growth rate is spread over a 10-year forecast period. The annual
\ngrowth rate used for revenue and expenses over the 10-year forecast period ranged between 2% to 6%.
\n\u00bb
Discount rate
\nThe discount rate used is a weighted average cost of capital. The weighted average cost of capital takes into account the cost
\nof equity and cost of debt. The cost of equity is based on a risk-free rate adjusted for speci\ufb01c risks such as a country risk and
\nequity risk premium. The cost of debt is based on the pre-tax cost of debt adjusted with a sovereign spread premium net of tax.
\nDiscount rates used ranged between 12% to 15%.
\n\u00bb
Terminal growth rate
\nThe terminal growth rate considered the steady growth rates that would appropriately extrapolate cash \ufb02ows beyond the
\nforecasted periods once the business segment has assumed to reach maturity. The terminal value assumes free cash \ufb02ow in
\nthe terminal period grows at the long-term growth rate and is then calculated using the Gordon Growth model. Terminal growth
\nrates used ranged between 1% to 5%.
\nFor our largest investment in the Edtech segment, a 1% increase in the discount rates would result in a decrease in the valuation
\nof this investment by US$53m and a 1% decrease in the discount rates would result in an increase in the valuation of this
\ninvestment by US$60m.
\nThe fair value of the residual interest in the Naspers group was assessed based on the sum of the parts considering the fair
\nvalue of the underlying components on a marketable and controlling basis, applying a consistent valuation model. The group
\nfurther applied a marketability discount (45%) to arrive at the fair value of the residual interest on a non-marketable and
\nnon-controlling basis (unit of account). A marketability discount factors in the indirect interest in the residual assets as Prosus
\ncannot directly or indirectly dispose of any Naspers shares without Naspers\u2019 approval and cannot direct the activities or decide
\non the distributions (be it dividends or the actual shares) from the residual interest in Naspers to its shareholders. A\u00a0movement
\nin the marketability discount rate of 1% will result in an increase or decrease of US$4m.
\n\u00bb
Derivatives contained in lease agreements
\u2013 relate to foreign currency forwards embedded in lease contracts. The fair value
\nof the derivatives is based on forward foreign exchange rates that have a maturity similar to the lease contracts and the
\ncontractually speci\ufb01ed lease payments.
\n\u00bb
Earn-out obligations
\u2013 relate to amounts that are payable to the former owners of businesses now controlled by the group,
\nprovided that contractually stipulated post-combination performance criteria are met. These are remeasured to fair value at the
\nend of each reporting period. Key inputs used in measuring fair value include: current forecasts of the extent to which
\n
\n
\n
\n
management believes performance criteria will be met, discount rates re\ufb02ecting the time value of money and contractually
\nspeci\ufb01ed earn-out payments.
\nInstruments not measured at fair value for which fair value is disclosed
\n\u00bb
Level 2
\u2013 the fair values of the publicly traded bonds have been determined with reference to the listed prices of the
\ninstruments at the reporting date. As the instruments are not actively traded, this is a level 2 disclosure.
\nThe fair values of the group\u2019s \ufb01nancial instruments that are measured at fair value at each reporting period are categorised
\nas\u00a0follows:
\n31 March 2023
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\nAssets
\nFinancial assets at fair value through other
\ncomprehensive income
7 528
6 044
\u2013
1 484
\nFinancial assets at fair value through pro\ufb01t or loss
34
4
\u2013
30
\nForward exchange contracts
5
\u2013
5
\u2013
\nCash and cash equivalents
\n1
\n447
\u2013
447
\u2013
\nTotal
8 014
6 048
452
1 514
\nLiabilities
\nForward exchange contracts
1
\u2013
1
\u2013
\nEarn-out obligations
109
\u2013
\u2013
109
\nTotal
110
\u2013
1
109
\n31 March 2022
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\nAssets
\nFinancial assets at fair value through other comprehensive
\nincome
5 918
4 765
\u2013
1 153
\nFinancial assets at fair value through pro\ufb01t or loss
63
19
\u2013
44
\nForward exchange contracts
27
\u2013
27
\u2013
\nDerivatives contained in lease agreements
11
\u2013
\u2013
11
\nCash and cash equivalents
\n1
\n928
\u2013
928
\u2013
\nCross-currency interest rate swap
2
\u2013
2
\u2013
\nTotal
6 949
4 784
957
1 208
\nLiabilities
\nForward exchange contracts
18
\u2013
18
\u2013
\nDerivatives contained in lease agreements
2
\u2013
\u2013
2
\nEarn-out obligations
20
\u2013
\u2013
20
\nTotal
40
\u2013
18
22
\n1 Relates to short-term bank deposits which are money market funds held with major banking groups and high-quality institutions that have AAA money market fund
\ncredit ratings from internationally recognised rating agencies.
\n\n\n\n\n
\n
\nThe following table shows a reconciliation of the group\u2019s level 3 \ufb01nancial instruments:
\n31 March 2023
\nEarn-out
\nobligations
\nUS$\u2019m
\nFinancial
\nassets at
\nFVOCI
\n1
\nUS$\u2019m
\nDerivatives
\nembedded
\nin leases
\nUS$\u2019m
\nFinancial
\nassets at
\nFVPL
\n2
\nUS$\u2019m
\nBalance at 1 April 2022
(20)
1 153
9
44
\nAdditions
(96)
38
\u2013
41
\nTotal (losses)/gains recognised in the income statement
7
\u2013
\u2013
(11)
\nTotal losses recognised in other comprehensive income
\u2013
(270)
\u2013
\u2013
\nSettlements/disposals
\u2013
(65)
(9)
(35)
\nTransfer to held for sale
\u2013
\u2013
\u2013
(9)
\nForeign currency translation e\ufb00ects
\u2013
(4)
\u2013
\u2013
\nImpact of share exchange
\u2013
10
\u2013
\u2013
\nTransfers from investments in associates
\u2013
622
\u2013
\u2013
\nTotal
(109)
1 484
\u2013
30
\n31 March 2022
\nEarn-out
\nobligations
\nUS$\u2019m
\nFinancial
\nassets at
\nFVOCI
\n1
\nUS$\u2019m
\nDerivatives
\nembedded
\nin leases
\nUS$\u2019m
\nFinancial
\nassets at
\nFVPL
\n2
\nUS$\u2019m
\nBalance at 1 April 2021
(13)
133
7
16
\nAdditions
\u2013
967
\u2013
22
\nTotal gains/(losses) recognised in the income statement
(9)
\u2013
2
6
\nTotal gains recognised in other comprehensive income
\u2013
107
\u2013
\u2013
\nSettlements/disposals
1
(46)
\u2013
\u2013
\nForeign currency translation e\ufb00ects
1
2
\u2013
\u2013
\nTransfers
\u2013
(10)
\u2013
\u2013
\nTotal
(20)
1 153
9
44
\n1 Financial assets at fair value through other comprehensive income.
\n2 Financial assets at fair value through pro\ufb01t or loss.
\nThere was a transfer of US$nil (2022: US$4m) from level 2 to level 1 and a transfer of US$1m (2022: US$10m) from level 3 to
\nlevel\u00a01. There was another transfer of US$622m (2022: US$nil) to level 3 due to investments in associates that lost signi\ufb01cant
\nin\ufb02uence during the current year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33809": {
"value": "41. Fair value of \ufb01nancial instruments
\nThe carrying values, net gains and losses recognised in pro\ufb01t or loss, total interest income, total interest expense and impairment
\nper class of \ufb01nancial instrument are as follows:
\n31 March 2023
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nincome
\nUS$\u2019m
\nImpairment
\nUS$\u2019m
\nAssets
\nOther investments
7 570
(99)
\u2013
\u2013
\nFinancial assets at fair value through pro\ufb01t or loss
34
(99)
\u2013
\u2013
\nFinancial assets at fair value through other comprehensive
\nincome
\n2
\n7 528
\u2013
\u2013
\u2013
\nOther loans and investments
\n3
\n8
\u2013
\u2013
\nReceivables and loans
\n3
\n1 719
(28)
38
36
\nTrade and \ufb01nancing receivables
659
\u2013
1
44
\nOther receivables
602
(30)
2
(7)
\nForeign currency intergroup receivables
\u2013
2
\u2013
\u2013
\nTrade and other receivables classi\ufb01ed as held for sale
164
\u2013
\u2013
(1)
\nRelated party receivables
294
\u2013
35
\u2013
\nDerivative \ufb01nancial instruments
\n1
\n5
10
\u2013
\u2013
\nForward exchange contracts
5
\u2013
\u2013
\u2013
\nCross-currency interest rate swap
\u2013
10
\u2013
\u2013
\nDerivatives contained in lease agreements
\u2013
\u2013
\u2013
\u2013
\nShort-term investments
\n3
\n6 726
(42)
160
\u2013
\nCash and cash equivalents classi\ufb01ed as held for sale
94
\u2013
\u2013
\u2013
\nCash and cash equivalents
\n1, 3
\n9 565
35
278
\u2013
\nTotal
25 679
(124)
476
36
\n1 Measured at fair value through pro\ufb01t or loss. Cash and cash equivalents include money market funds that are part of cash and cash equivalents.
\n2 During the year losses of US$158m (2022: US$1.2bn) was recognised in other comprehensive income with respect to the group\u2019s \ufb01nancial assets at fair value
\nthrough other comprehensive income.
\n3 Measured at amortised cost.
\n\n
\n
\n
31 March 2023
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nexpense
\nUS$\u2019m
\nLiabilities
\nLong-term liabilities
\n1
\n15 925
120
492
\nInterest-bearing: Capitalised lease liabilities
150
\u2013
2
\nInterest-bearing: Loans and other liabilities
15 596
118
490
\nNon-interest-bearing: Loans and other liabilities
22
\u2013
\u2013
\nLong-term liabilities classi\ufb01ed as held for sale
29
\u2013
\u2013
\nOther non-current liabilities
\n2
\n126
2
\u2013
\nRelated party loans and payables
2
\u2013
\u2013
\nShort-term payables and loans
\n1
\n3 076
5
41
\nInterest-bearing: Capitalised lease liabilities
54
1
5
\nInterest-bearing: Loans and other liabilities
325
1
7
\nNon-interest-bearing: Loans and other liabilities
88
\u2013
\u2013
\nTrade payables
356
\u2013
1
\nTrade payables classi\ufb01ed as held for sale
165
\u2013
\u2013
\nOther current liabilities
\n2
\n773
3
\u2013
\nAccrued expenses
1 243
(7)
28
\nAccrued expenses classi\ufb01ed as held for sale
66
\u2013
\u2013
\nRelated party loans and payables
6
3
\u2013
\nForeign currency intergroup payables
\u2013
4
\u2013
\nDerivative \ufb01nancial instruments
\n3
\n2
7
\u2013
\nForward exchange contracts
2
7
\u2013
\nDerivatives contained in lease agreements
\u2013
\u2013
\u2013
\nBank overdrafts
\n1
\n28
\u2013
22
\nTotal
19 031
132
555
\n1 Measured at amortised cost, except for earn-out obligations included in non-interest-bearing loans and other liabilities.
\n2 Includes written put option liabilities Refer to note 31.
\n3 Measured at fair value through pro\ufb01t or loss.
\nThe carrying values of all \ufb01nancial instruments, apart from those disclosed below, are considered to be a reasonable
\napproximation of their fair values. The carrying values of these \ufb01nancial instruments are considered to be a reasonable
\napproximation of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
\nmarket participants.
\nThe fair values of the group\u2019s publicly traded bonds are detailed below:
\nFinancial liabilities
\nCarrying
\nvalue
\nUS$\u2019m
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\n31 March 2023
\nPublicly traded bonds
\n1
\n15 377
12 009
\u2013
12 009
\u2013
\n31 March 2022
\nPublicly traded bonds
\n1
\n15 492
13 056
\u2013
13 056
\u2013
\n1 Refer to note 30 for further details on the publicly traded bonds.
\nThe fair values of the publicly traded bonds have been determined with reference to the listed prices of the instruments as at the
\nend of the reporting period. The fair values of the publicly traded bonds are level 2 \ufb01nancial instruments. The publicly traded
\nbonds are listed on the Irish Stock Exchange (Euronext Dublin).
\n\n\n\n
\n
\n
\n31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nincome
\nUS$\u2019m
\nImpairment
\nUS$\u2019m
\nAssets
\nOther investments
5 981
3
\u2013
\u2013
\nFinancial assets at fair value through pro\ufb01t or loss
63
3
\u2013
\u2013
\nFinancial assets at fair value through other
\ncomprehensive\u00a0income
\n1
\n5 918
\u2013
\u2013
\u2013
\nReceivables and loans
\n3
\n1 354
31
13
17
\nTrade and \ufb01nancing receivables
461
(3)
\u2013
6
\nOther receivables
460
\u2013
1
11
\nRelated party receivables
433
34
12
\u2013
\nDerivative \ufb01nancial instruments
\n2
\n40
6
\u2013
\u2013
\nForward exchange contracts
27
\u2013
\u2013
\u2013
\nCross-currency interest rate swap
2
\u2013
\u2013
\u2013
\nDerivatives contained in lease agreements
11
6
\u2013
\u2013
\nShort-term investments
\n3
\n3 924
(63)
9
\u2013
\nCash and cash equivalents
\n2, 3
\n9 646
(29)
30
\u2013
\nTotal
20 945
(52)
52
17
\n1 During the year, losses of US$1.2bn were recognised in other comprehensive income with respect to the group\u2019s \ufb01nancial assets at fair value through other
\ncomprehensive income.
\n2 Measured at fair value through pro\ufb01t or loss. Cash and cash equivalents include money market funds that are part of cash and cash equivalents.
\n3 Measured at amortised cost.
\n
\n
\n
\n
31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecognised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nTotal
\ninterest
\nexpense
\nUS$\u2019m
\nLiabilities
\nLong-term liabilities
\n1
\n16 007
68
386
\nInterest-bearing: Capitalised \ufb01nance leases
200
\u2013
8
\nInterest-bearing: Loans and other liabilities
15 611
68
378
\nNon-interest-bearing: Loans and other liabilities
50
\u2013
\u2013
\nOther non-current liabilities
\n2
\n144
\u2013
\u2013
\nRelated party loans and payables
2
\u2013
\u2013
\nShort-term payables and loans
\n1
\n2 900
26
5
\nInterest-bearing: Capitalised \ufb01nance leases
63
(1)
2
\nInterest-bearing: Loans and other liabilities
218
\u2013
2
\nNon-interest-bearing: Loans and other liabilities
31
\u2013
\u2013
\nTrade payables
549
(7)
\u2013
\nOther current liabilities
\n2
\n1 014
14
\u2013
\nAccrued expenses
1 017
6
1
\nRelated party loans and payables
8
\u2013
\u2013
\nForeign currency intergroup payables
\u2013
14
\u2013
\nDerivative \ufb01nancial instruments
\n3
\n20
7
\u2013
\nForward exchange contracts
18
8
\u2013
\nDerivatives contained in lease agreements
2
(1)
\u2013
\nBank overdrafts
\n1
\n18
\u2013
7
\nTotal
18 945
101
398
\n1 Measured at amortised cost, except for earn-out obligations included in non-interest-bearing loans and other liabilities.
\n2 Includes written put option liabilities Refer to note 31.
\n3 Measured at fair value through pro\ufb01t or loss.
\nThe group categorises fair value measurements into levels 1 to 3 of the fair value hierarchy based on the degree to which the
\ninputs used in measuring fair value are observable:
\n\u00bb
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets
\nor\u00a0liabilities.
\n\u00bb
Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). The fair value of \ufb01nancial
\ninstruments that are not traded in active markets (for example, derivatives such as interest rate swaps, forward exchange
\ncontracts and certain options) is determined through valuation techniques. These valuation techniques maximise the use of
\nobservable market data where it is available and rely as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs
\nrequired to measure the fair value of an instrument are observable, the instrument is included in level 2.
\n\u00bb
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
\nare\u00a0not based on observable market data (unobservable inputs).
\n\n\n\n
\n\n
\nValuation techniques and key inputs used to measure signi\ufb01cant level 2 and level 3 fair values
\nLevel 2 fair value measurements
\n\u00bb
Forward exchange contracts
\u2013 in measuring the fair value of forward exchange contracts, the group makes use of market
\nobservable quotes of forward foreign exchange rates on instruments that have a maturity similar to the maturity pro\ufb01le of the
\ngroup\u2019s forward exchange contracts. Key inputs used in measuring the fair value of forward exchange contracts include: current
\nspot exchange rates, market forward exchange rates, and the term of the group\u2019s forward exchange contracts.
\n\u00bb
Cross-currency interest rate swap
\u2013 the fair value of the group\u2019s interest rate and cross-currency swaps is determined through
\nthe use of discounted cash \ufb02ow techniques using only market observable information. Key inputs used in measuring the fair
\nvalue of interest rate and cross-currency swaps include: spot market interest rates, contractually \ufb01xed interest rates, foreign
\nexchange rates, counterparty credit spreads, notional amounts on which interest rate swaps are based, payment intervals,
\nrisk-free interest rates, as well as the duration of the relevant interest rate and cross-currency swap arrangement.
\n\u00bb
Cash and cash equivalents
\u2013 relate to short-term bank deposits, which are money market funds held with major banking
\ngroups and high-quality institutions that have AAA money market fund credit ratings from internationally recognised ratings
\nagencies. The fair value of these deposits is determined by the amounts deposited and the gains or losses generated by the
\nfunds as detailed in the statements provided by these Institutions. The gains/losses are recognised in the consolidated income
\nstatement.
\n\u00bb
Financial assets at fair value
\u2013 relates to a contractual right to receive shares or cash. The fair value is based on a listed
\nshare price on the date the transaction was entered into.
\nLevel 3 fair value measurements
\n\u00bb
Financial assets at fair value
\u2013 relate predominantly to unlisted equity investments and the residual interest in the Naspers
\ngroup. The fair value of unlisted equity investments is based on the most recent funding transactions for these investments, a
\ndiscounted cash \ufb02ow calculation (DCF), or a weighted-income and market approach using a discounted cash \ufb02ow calculation and
\nmarket multiples. The unlisted equity investments based on a DCF or weighted-income and market approach relate to investments
\nin the Edtech segment. The fair value of these unlisted equity investments is based on the following unobservable inputs:
\n\u00bb
Revenue growth rates and EBITDA margins
\nRevenue growth rates and EBITDA margins are based on past experience and management\u2019s future expectations of business
\nperformance.
\n\u00bb
Growth rate
\nThe long-term growth rate is based on expectations for in\ufb02ation in the regions in which the business operates, the data is
\nsourced from publicly available information. The long-term growth rate is spread over a 10-year forecast period. The annual
\ngrowth rate used for revenue and expenses over the 10-year forecast period ranged between 2% to 6%.
\n\u00bb
Discount rate
\nThe discount rate used is a weighted average cost of capital. The weighted average cost of capital takes into account the cost
\nof equity and cost of debt. The cost of equity is based on a risk-free rate adjusted for speci\ufb01c risks such as a country risk and
\nequity risk premium. The cost of debt is based on the pre-tax cost of debt adjusted with a sovereign spread premium net of tax.
\nDiscount rates used ranged between 12% to 15%.
\n\u00bb
Terminal growth rate
\nThe terminal growth rate considered the steady growth rates that would appropriately extrapolate cash \ufb02ows beyond the
\nforecasted periods once the business segment has assumed to reach maturity. The terminal value assumes free cash \ufb02ow in
\nthe terminal period grows at the long-term growth rate and is then calculated using the Gordon Growth model. Terminal growth
\nrates used ranged between 1% to 5%.
\nFor our largest investment in the Edtech segment, a 1% increase in the discount rates would result in a decrease in the valuation
\nof this investment by US$53m and a 1% decrease in the discount rates would result in an increase in the valuation of this
\ninvestment by US$60m.
\nThe fair value of the residual interest in the Naspers group was assessed based on the sum of the parts considering the fair
\nvalue of the underlying components on a marketable and controlling basis, applying a consistent valuation model. The group
\nfurther applied a marketability discount (45%) to arrive at the fair value of the residual interest on a non-marketable and
\nnon-controlling basis (unit of account). A marketability discount factors in the indirect interest in the residual assets as Prosus
\ncannot directly or indirectly dispose of any Naspers shares without Naspers\u2019 approval and cannot direct the activities or decide
\non the distributions (be it dividends or the actual shares) from the residual interest in Naspers to its shareholders. A\u00a0movement
\nin the marketability discount rate of 1% will result in an increase or decrease of US$4m.
\n\u00bb
Derivatives contained in lease agreements
\u2013 relate to foreign currency forwards embedded in lease contracts. The fair value
\nof the derivatives is based on forward foreign exchange rates that have a maturity similar to the lease contracts and the
\ncontractually speci\ufb01ed lease payments.
\n\u00bb
Earn-out obligations
\u2013 relate to amounts that are payable to the former owners of businesses now controlled by the group,
\nprovided that contractually stipulated post-combination performance criteria are met. These are remeasured to fair value at the
\nend of each reporting period. Key inputs used in measuring fair value include: current forecasts of the extent to which
\n
\n
\n
\n
management believes performance criteria will be met, discount rates re\ufb02ecting the time value of money and contractually
\nspeci\ufb01ed earn-out payments.
\nInstruments not measured at fair value for which fair value is disclosed
\n\u00bb
Level 2
\u2013 the fair values of the publicly traded bonds have been determined with reference to the listed prices of the
\ninstruments at the reporting date. As the instruments are not actively traded, this is a level 2 disclosure.
\nThe fair values of the group\u2019s \ufb01nancial instruments that are measured at fair value at each reporting period are categorised
\nas\u00a0follows:
\n31 March 2023
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\nAssets
\nFinancial assets at fair value through other
\ncomprehensive income
7 528
6 044
\u2013
1 484
\nFinancial assets at fair value through pro\ufb01t or loss
34
4
\u2013
30
\nForward exchange contracts
5
\u2013
5
\u2013
\nCash and cash equivalents
\n1
\n447
\u2013
447
\u2013
\nTotal
8 014
6 048
452
1 514
\nLiabilities
\nForward exchange contracts
1
\u2013
1
\u2013
\nEarn-out obligations
109
\u2013
\u2013
109
\nTotal
110
\u2013
1
109
\n31 March 2022
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\nAssets
\nFinancial assets at fair value through other comprehensive
\nincome
5 918
4 765
\u2013
1 153
\nFinancial assets at fair value through pro\ufb01t or loss
63
19
\u2013
44
\nForward exchange contracts
27
\u2013
27
\u2013
\nDerivatives contained in lease agreements
11
\u2013
\u2013
11
\nCash and cash equivalents
\n1
\n928
\u2013
928
\u2013
\nCross-currency interest rate swap
2
\u2013
2
\u2013
\nTotal
6 949
4 784
957
1 208
\nLiabilities
\nForward exchange contracts
18
\u2013
18
\u2013
\nDerivatives contained in lease agreements
2
\u2013
\u2013
2
\nEarn-out obligations
20
\u2013
\u2013
20
\nTotal
40
\u2013
18
22
\n1 Relates to short-term bank deposits which are money market funds held with major banking groups and high-quality institutions that have AAA money market fund
\ncredit ratings from internationally recognised rating agencies.
\n\n\n\n\n
\n
\nThe following table shows a reconciliation of the group\u2019s level 3 \ufb01nancial instruments:
\n31 March 2023
\nEarn-out
\nobligations
\nUS$\u2019m
\nFinancial
\nassets at
\nFVOCI
\n1
\nUS$\u2019m
\nDerivatives
\nembedded
\nin leases
\nUS$\u2019m
\nFinancial
\nassets at
\nFVPL
\n2
\nUS$\u2019m
\nBalance at 1 April 2022
(20)
1 153
9
44
\nAdditions
(96)
38
\u2013
41
\nTotal (losses)/gains recognised in the income statement
7
\u2013
\u2013
(11)
\nTotal losses recognised in other comprehensive income
\u2013
(270)
\u2013
\u2013
\nSettlements/disposals
\u2013
(65)
(9)
(35)
\nTransfer to held for sale
\u2013
\u2013
\u2013
(9)
\nForeign currency translation e\ufb00ects
\u2013
(4)
\u2013
\u2013
\nImpact of share exchange
\u2013
10
\u2013
\u2013
\nTransfers from investments in associates
\u2013
622
\u2013
\u2013
\nTotal
(109)
1 484
\u2013
30
\n31 March 2022
\nEarn-out
\nobligations
\nUS$\u2019m
\nFinancial
\nassets at
\nFVOCI
\n1
\nUS$\u2019m
\nDerivatives
\nembedded
\nin leases
\nUS$\u2019m
\nFinancial
\nassets at
\nFVPL
\n2
\nUS$\u2019m
\nBalance at 1 April 2021
(13)
133
7
16
\nAdditions
\u2013
967
\u2013
22
\nTotal gains/(losses) recognised in the income statement
(9)
\u2013
2
6
\nTotal gains recognised in other comprehensive income
\u2013
107
\u2013
\u2013
\nSettlements/disposals
1
(46)
\u2013
\u2013
\nForeign currency translation e\ufb00ects
1
2
\u2013
\u2013
\nTransfers
\u2013
(10)
\u2013
\u2013
\nTotal
(20)
1 153
9
44
\n1 Financial assets at fair value through other comprehensive income.
\n2 Financial assets at fair value through pro\ufb01t or loss.
\nThere was a transfer of US$nil (2022: US$4m) from level 2 to level 1 and a transfer of US$1m (2022: US$10m) from level 3 to
\nlevel\u00a01. There was another transfer of US$622m (2022: US$nil) to level 3 due to investments in associates that lost signi\ufb01cant
\nin\ufb02uence during the current year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f34396": {
"value": "The group categorises fair value measurements into levels 1 to 3 of the fair value hierarchy based on the degree to which the inputs used in measuring fair value are observable:
\n\u00bb
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets
\nor\u00a0liabilities.
\n\u00bb
Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). The fair value of \ufb01nancial
\ninstruments that are not traded in active markets (for example, derivatives such as interest rate swaps, forward exchange
\ncontracts and certain options) is determined through valuation techniques. These valuation techniques maximise the use of
\nobservable market data where it is available and rely as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs
\nrequired to measure the fair value of an instrument are observable, the instrument is included in level 2.
\n\u00bb
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
\nare\u00a0not based on observable market data (unobservable inputs).
\n\n\n
\n\n
\nValuation techniques and key inputs used to measure signi\ufb01cant level 2 and level 3 fair values
\nLevel 2 fair value measurements
\n\u00bb
Forward exchange contracts
\u2013 in measuring the fair value of forward exchange contracts, the group makes use of market
\nobservable quotes of forward foreign exchange rates on instruments that have a maturity similar to the maturity pro\ufb01le of the
\ngroup\u2019s forward exchange contracts. Key inputs used in measuring the fair value of forward exchange contracts include: current
\nspot exchange rates, market forward exchange rates, and the term of the group\u2019s forward exchange contracts.
\n\u00bb
Cross-currency interest rate swap
\u2013 the fair value of the group\u2019s interest rate and cross-currency swaps is determined through
\nthe use of discounted cash \ufb02ow techniques using only market observable information. Key inputs used in measuring the fair
\nvalue of interest rate and cross-currency swaps include: spot market interest rates, contractually \ufb01xed interest rates, foreign
\nexchange rates, counterparty credit spreads, notional amounts on which interest rate swaps are based, payment intervals,
\nrisk-free interest rates, as well as the duration of the relevant interest rate and cross-currency swap arrangement.
\n\u00bb
Cash and cash equivalents
\u2013 relate to short-term bank deposits, which are money market funds held with major banking
\ngroups and high-quality institutions that have AAA money market fund credit ratings from internationally recognised ratings
\nagencies. The fair value of these deposits is determined by the amounts deposited and the gains or losses generated by the
\nfunds as detailed in the statements provided by these Institutions. The gains/losses are recognised in the consolidated income
\nstatement.
\n\u00bb
Financial assets at fair value
\u2013 relates to a contractual right to receive shares or cash. The fair value is based on a listed
\nshare price on the date the transaction was entered into.
\nLevel 3 fair value measurements
\n\u00bb
Financial assets at fair value
\u2013 relate predominantly to unlisted equity investments and the residual interest in the Naspers
\ngroup. The fair value of unlisted equity investments is based on the most recent funding transactions for these investments, a
\ndiscounted cash \ufb02ow calculation (DCF), or a weighted-income and market approach using a discounted cash \ufb02ow calculation and
\nmarket multiples. The unlisted equity investments based on a DCF or weighted-income and market approach relate to investments
\nin the Edtech segment. The fair value of these unlisted equity investments is based on the following unobservable inputs:
\n\u00bb
Revenue growth rates and EBITDA margins
\nRevenue growth rates and EBITDA margins are based on past experience and management\u2019s future expectations of business
\nperformance.
\n\u00bb
Growth rate
\nThe long-term growth rate is based on expectations for in\ufb02ation in the regions in which the business operates, the data is
\nsourced from publicly available information. The long-term growth rate is spread over a 10-year forecast period. The annual
\ngrowth rate used for revenue and expenses over the 10-year forecast period ranged between 2% to 6%.
\n\u00bb
Discount rate
\nThe discount rate used is a weighted average cost of capital. The weighted average cost of capital takes into account the cost
\nof equity and cost of debt. The cost of equity is based on a risk-free rate adjusted for speci\ufb01c risks such as a country risk and
\nequity risk premium. The cost of debt is based on the pre-tax cost of debt adjusted with a sovereign spread premium net of tax.
\nDiscount rates used ranged between 12% to 15%.
\n\u00bb
Terminal growth rate
\nThe terminal growth rate considered the steady growth rates that would appropriately extrapolate cash \ufb02ows beyond the
\nforecasted periods once the business segment has assumed to reach maturity. The terminal value assumes free cash \ufb02ow in
\nthe terminal period grows at the long-term growth rate and is then calculated using the Gordon Growth model. Terminal growth
\nrates used ranged between 1% to 5%.
\nFor our largest investment in the Edtech segment, a 1% increase in the discount rates would result in a decrease in the valuation
\nof this investment by US$53m and a 1% decrease in the discount rates would result in an increase in the valuation of this
\ninvestment by US$60m.
\nThe fair value of the residual interest in the Naspers group was assessed based on the sum of the parts considering the fair
\nvalue of the underlying components on a marketable and controlling basis, applying a consistent valuation model. The group
\nfurther applied a marketability discount (45%) to arrive at the fair value of the residual interest on a non-marketable and
\nnon-controlling basis (unit of account). A marketability discount factors in the indirect interest in the residual assets as Prosus
\ncannot directly or indirectly dispose of any Naspers shares without Naspers\u2019 approval and cannot direct the activities or decide
\non the distributions (be it dividends or the actual shares) from the residual interest in Naspers to its shareholders. A\u00a0movement
\nin the marketability discount rate of 1% will result in an increase or decrease of US$4m.
\n\u00bb
Derivatives contained in lease agreements
\u2013 relate to foreign currency forwards embedded in lease contracts. The fair value
\nof the derivatives is based on forward foreign exchange rates that have a maturity similar to the lease contracts and the
\ncontractually speci\ufb01ed lease payments.
\n\u00bb
Earn-out obligations
\u2013 relate to amounts that are payable to the former owners of businesses now controlled by the group,
\nprovided that contractually stipulated post-combination performance criteria are met. These are remeasured to fair value at the
\nend of each reporting period. Key inputs used in measuring fair value include: current forecasts of the extent to which
\n
\n
\n
\n
management believes performance criteria will be met, discount rates re\ufb02ecting the time value of money and contractually
\nspeci\ufb01ed earn-out payments.
\nInstruments not measured at fair value for which fair value is disclosed
\n\u00bb
Level 2
\u2013 the fair values of the publicly traded bonds have been determined with reference to the listed prices of the
\ninstruments at the reporting date. As the instruments are not actively traded, this is a level 2 disclosure.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f34397": {
"value": "The group categorises fair value measurements into levels 1 to 3 of the fair value hierarchy based on the degree to which the inputs used in measuring fair value are observable:
\n\u00bb
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets
\nor\u00a0liabilities.
\n\u00bb
Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are
\nobservable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). The fair value of \ufb01nancial
\ninstruments that are not traded in active markets (for example, derivatives such as interest rate swaps, forward exchange
\ncontracts and certain options) is determined through valuation techniques. These valuation techniques maximise the use of
\nobservable market data where it is available and rely as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs
\nrequired to measure the fair value of an instrument are observable, the instrument is included in level 2.
\n\u00bb
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
\nare\u00a0not based on observable market data (unobservable inputs).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f34905": {
"value": "42.Related party transactions and balances
\nThe group entered into transactions and has balances with a number of related parties, including equity-accounted investments,
\ndirectors (key management personnel), shareholders, and entities under common control. Transactions that are eliminated on
\nconsolidation as well as gains or losses eliminated through the application of the equity method are not included. The
\ntransactions and balances with related parties are summarised below:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nSale of goods and services to related parties
\n1
\nEMPG Holdings Limited
\u2013
12
\nMIH Holdings Proprietary Limited
11
12
\nBom Neg\u00f3cio Atividades de Internet Ltda (OLX Brasil)
28
14
\nSkillsoft Corp.
8
34
\nVarious other related parties
1
1
\n48
73
\n1 The group receives revenue from a number of its related parties in connection with service agreements. The nature of these related party relationships is that of
\nequity-accounted investments and subsidiaries of Naspers outside of the group.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nServices received from related parties
\n1
\nMIH Holdings Proprietary Limited
9
10
\nVarious related parties
2
1
\n11
11
\n1 The group receives corporate and other services rendered by a number of its related parties. The nature of these related party relationships is that of entities under
\nthe common control of the group\u2019s controlling parent, Naspers.
\nDuring the current year the group recharged US$11m (2022: US$12m) to Naspers companies in respect of services performed on
\ntheir behalf. In addition Naspers recharged costs of US$9m (2022: US$10m) to the group\u2019s companies.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nDividends paid to holding company
\nNaspers Limited
89
104
\n89
104
\n\n\n
\n
\n
\nThe balances of receivables and payables between the group and related parties are as follows:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nLoans and receivables
\n1
\nMyriad/MIH (Malta) Limited
\u2013
6
\nMIH Holdings Proprietary Limited
5
1
\nBom Neg\u00f3cio Atividades de Internet Ltda (OLX Brasil)
\n2
\n150
219
\nMIH Treasury Services Proprietary Limited
11
16
\nMIH Internet Holding B.V. Share Trust
\n3
\n102
154
\nInversiones CMR S.A.S.
1
21
\nGoodGuyz Investments B.V.
6
6
\nSilvergate Capital Corporation
2
4
\nOther
17
6
\nLess:
Allowance for impairment of loans and receivables
\n4
\n\u2013
\u2013
\nTotal related party receivables
294
433
\nLess:
Non-current portion of related party receivables
(254)
(416)
\nCurrent portion of related party receivables
40
17
\n1 The group provides services and loan funding to a number of its related parties.
\n2 During the current year a portion of the loan was capitalised to the investment in joint venture. The loan is repayable by October 2035 and is interest free until April
\n2022. Subsequently, interest is charged annually at SELIC+2%.
\n3 Relates to related party loan -funding provided to Naspers group share trust for equity compensation plans. The loan is interest free and repayable in 2031, or upon
\nwinding up of the trust, if earlier. Cash \ufb02ows for this transaction are disclosed as investing activities in the condensed consolidated statement of cash \ufb02ows.
\n4 Impairment allowance for non-current receivables from related parties is based on a 12-month expected credit loss model and was not material.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nPayables
\nZitec Com SRL
3
2
\nMIH Holdings Proprietary Limited
3
3
\nMyriad/MIH (Malta) Limited
-
2
\nVarious other related parties
2
3
\nTotal related party payables
8
10
\nLess:
Non-current portion of related party payables
(2)
(2)
\nCurrent portion of related party payables
6
8
\nThere was no movement in the allowance for impairment of related party receivables during the year (2022: US$ nil).
\nTerms of signi\ufb01cant related party current receivables and payables
\nCurrent portion of related party payables amount to US$6m (2022: US$8m). The above current receivables and payables relate
\nprimarily to cost recharges to/by entities under the common control of Naspers Limited, the group\u2019s ultimate controlling parent.
\nThese current receivables and payables are interest free.
\n
\n
\n
\n
Shares held in holding company
\nAt 31 March 2023, as a result of the share exchange transaction and share repurchase programme, Prosus held 52.5% (2022:
\n49.5%) fully diluted interest, representing a 52.7% (2022: 49.9%) economic interest in Naspers. Prosus\u2019 legal ownership in Naspers
\nremains less than 50% as at 31 March 2023. The accounting for the share repurchase programme and the share exchange
\ntransaction takes into consideration the cross-holding agreement between Prosus and Naspers. The cross-holding agreement
\ngoverns how distributions between the two groups should be managed.
\nBased on the substance of the above transactions, the portion of the e\ufb00ective interest in Naspers that relates to Prosus\u2019
\nunderlying investments is accounted for as a shareholder distribution in equity. Only Prosus\u2019 residual interest in the Naspers group
\nis recognised as an investment at fair value through other comprehensive income on the consolidated statement of \ufb01nancial
\nposition.
\nForm June 2022, as part of the group\u2019s share repurchase programme, Prosus acquired an additional 4 152 285 Naspers N
\nordinary shares amounting to US$626m.
\nProsus\u2019 residual interest in the Naspers group amounting to US$206m is recognised as a FVOCI investment. Refer to note 28.
\nRefer to note 5 for details of the accounting treatment for the above transaction.
\nNaspers guarantees
\nThe group\u2019s bonds amounting to US$839m are guaranteed by Naspers Limited.
\nGroup equity contributions to Naspers share trusts
\nThe group made contributions to Naspers share trusts amounting to US$191m (2022: US$190m) during the current year.
\nDirectors\u2019 remuneration
\nThe executive directors received the following remuneration and emoluments:
\n2023
\nUS$\u2019000
\n2022
\nUS$\u2019000
\nExecutive directors
\n1
\nSalary
2 345
2 372
\nAnnual short-term incentive payments
1 774
1 585
\nDiscount-linked short-term incentive payments
\n2
\n4 873
\u2013
\nPension contributions and other bene\ufb01ts paid on behalf of director
227
223
\nShare-based payment expense
(101 763)
(22 705)
\nTotal
(92 544)
(18 525)
\n1 Executive directors\u2019 aggregate cost of their compensation is currently allocated 90% to Prosus and 10% to Naspers.
\n2 The discount-linked STI will be held and paid out after 31 March 2024 should the assessed discount be sustained or improved.
\nThe non-executive directors received the following remuneration and emoluments:
\n2023
\nUS$\u2019000
\n2022
\nUS$\u2019000
\nNon-executive directors
\n1
\nDirectors\u2019 fees
2 512
2 429
\nCommittee and trust fees
531
541
\nTotal
3 043
2 970
\n1 Non-executive directors receive no additional compensation for their dual responsibilities to Naspers and Prosus. However, the aggregate cost of their compensation
\nis currently allocated 70% to Prosus and 30% to Naspers.
\nKey management received the following remuneration:
\n2023
\nUS$\u2019000
\n2022
\nUS$\u2019000
\nKey management
\nShort-term employee bene\ufb01ts
17 194
17 901
\nPost-employment bene\ufb01ts
536
513
\nShare-based payment expense
33 722
65 534
\nTotal
51 452
83 948
\n\n\n\n
\n
\n
\n\nThe group has not provided any personal loans, advances or guarantees to the executive, non-executive directors and/or key
\nmanagement personnel.
\nKey management excludes executive and non-executive directors\u2019 remuneration.
\nThe prior year\u2019s remuneration includes the remuneration of the former statutory directors until the date of resignation and the
\nremuneration of the newly appointed executive directors from the date of appointment.
\nDirectors\u2019 interest in Prosus shares
\nThe directors of Prosus (and their associates) had the following interests in Prosus A ordinary shares as at 31 March:
\n2023
2022
\nProsus ordinary shares A
Prosus ordinary shares A
\nBene\ufb01cial
Bene\ufb01cial
\nName
Direct
Indirect
Total
Direct
Indirect
Total
\nSJZ Pacak
\n1
\n\u2013
486
486
\u2013
486
486
\nJDT Stofberg
\n1
\n\u2013
810
810
\u2013
810
810
\nTotal
\u2013
1 296
1 296
\u2013
1 296
1 296
\n1 Shares acquired as a result of the unbundling by Naspers of all of its internet interests outside of South Africa into Prosus, listed on Euronext Amsterdam on
\n11\u00a0September 2019. As part of the implementation of the share exchange o\ufb00er approved by shareholders on 9 July 2021, additional ordinary shares A1 were
\nissued to holders of ordinary shares A1 on a pro rata basis on 16 August 2021.
\nThe directors of Prosus (and their associates) had the following interests in Prosus ordinary shares N as at 31 March:
\n2023
2022
\nProsus ordinary shares N
Prosus ordinary shares N
\nBene\ufb01cial
Bene\ufb01cial
\nName
Direct
Indirect
\n1
\nTotal
Direct
Indirect
Total
\nJP Bekker
\n2
\n\u2013
9 013 809
9 013 809
\u2013
11 513 809
11 513 809
\nH du Toit
\n2
\n5 111
\u2013
5 111
5 111
\u2013
5 111
\nCL Enenstein
\u2013
415
415
\u2013
415
415
\nFLN Letele
2 604
\u2013
2 604
2 604
\u2013
2 604
\nSJZ Pacak
\n3
\n460 911
693 086
1 153 997
460 911
747 086
1 207 997
\nV Sgourdos
\n4, 5
\n124 718
86 619
211 337
110 890
102 290
213 180
\nMR Sorour
3 955
442
4 397
3 955
442
4 397
\nJDT Stofberg
415 966
141 888
557 854
415 966
141 888
557 854
\nBJ van der Ross
\n6
\n\u2013
\u2013
\u2013
6 262
5 294
11 556
\nB van Dijk
\n7, 8
\n525 119
274 945
800 064
249 975
1 085 405
1 335 380
\nTotal
1 538 384
10 211 204
11 749 588
1 255 674
13 596 629
14 852 303
\n1 Prosus share options that have been released (vested), but have not yet been exercised, are included in the indirect column: Bob van Dijk \u2013 274 945
\n(2022:\u00a01\u00a0085\u00a0405). Basil Sgourdos \u2013 86 619 (2022: 102 290). Steve Pacak \u2013 nil (2022: 54 000).
\n2 Between 24 March 2023 and 28 March 2023, Koos Bekker\u2019s family trust sold a parcel of Prosus shares to fund building operations at hotels in various countries in
\nwhich the family trust has an interest. These shares were sold at a volume-weighted average price of \u20ac69.3312.
\n3 On 8 July 2022, Steve Pacak exercised 54 000 share options and the linked Prosus N.V. and MultiChoice Group Limited share options. These share options relate to
\n54 000 Naspers N ordinary share options, awarded on 7 September 2012.
\n4 On 25 January 2023, Basil Sgourdos exercised 27 360 share options and the linked Prosus N.V. share options. These share options related to 27 360 Naspers share
\noptions awarded on 11 July 2013.
\n5 On 7 December 2022, Basil Sgourdos exercised 16 279 Naspers PSUs and the linked Prosus PSUs awarded to him on 9 September 2019. He disposed of
\n2\u00a0451\u00a0Prosus shares to cover taxes and other related costs on market and took delivery of the remaining 13 828 Prosus shares.
\n6 Resigned as a director of Prosus and Naspers on 1 April 2022.
\n7 On 7 December 2022, Bob van Dijk exercised 31 395 Naspers PSUs and the linked Prosus PSUs awarded to him on 9 September 2019. He disposed of the entirety
\nof the award on market.
\n8 On 29 August, 30 August and 31 August 2022, Bob van Dijk exercised 832 000 Naspers share options and the linked Prosus share options. The share options were
\nawarded on 28 March 2014. 281 556 Prosus ordinary shares N have been disposed of to cover taxes and other related costs incurred on the exercise of the linked
\nProsus share options. 275 300 Prosus ordinary shares N were sold to realise cash. The remaining 275 144 Prosus ordinary shares N have been transferred to
\nhis\u00a0name.
\nAdditional information on the remuneration and share-based compensation of members of the board and the remuneration
\nof\u00a0key management is disclosed in the remuneration report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f35441": {
"value": "43.
Commitments and contingencies
\nThe group is subject to commitments and contingencies, which occur in the normal course of business, including legal
\nproceedings and claims that cover a wide range of matters. The group plans to fund these commitments and contingencies out of
\nexisting facilities and internally generated funds.
(d) Litigation claims
\nTaxation matters
\nAs a global technology investor, the group\u2019s portfolio of businesses is well diversi\ufb01ed by sector and geography. The group
\noperates on a decentralised basis in numerous countries. Businesses are based in the countries where their operations, their
\nusers and consumers are. As a result, the group\u2019s businesses pay taxes locally, in the jurisdictions where they operate and where
\nthe group\u2019s products and services are consumed. Where relevant and appropriate, the group seeks advice and works with its
\nadvisers to identify and quantify contingent tax exposures. Our current assessment of possible tax exposures, including interest
\nand potential penalties, amounts to approximately US$191m (2022: US$nil).
\n(e) Assets pledged as collateral
\nThe group pledged property, plant and equipment, investments, cash and cash equivalents, trade receivables and other working
\ncapital as collateral against its secured long-term liabilities with an outstanding balance of US$466m (2022: US$318m). Refer to
\nnote 30 for further details.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f35443": {
"value": "43. Commitments and contingencies
\nThe group is subject to commitments and contingencies, which occur in the normal course of business, including legal
\nproceedings and claims that cover a wide range of matters. The group plans to fund these commitments and contingencies out of
\nexisting facilities and internally generated funds.
(a) Capital expenditure
\nCommitments in respect of contracts placed for capital expenditure at 31 March 2023 amount to US$nil (2022:\u00a0US$nil).
\n(b) Other commitments
\nThe group entered into contracts for the receipt of various services. These service contracts are for the receipt of information
\ntechnology and computer support services, access to networks, consulting services and contractual relationships with customers,
\nsuppliers and employees. The group\u2019s commitments in respect of these agreements amount to US$306m (2022: US$132m).
\n(c) Lease commitments
\nLease commitments include the group\u2019s short-term lease arrangements as well as other contractual lease agreements whose
\ncommencement date is after 31 March 2023. Short-term lease commitments relate to leasing arrangements with lease terms of
\n12 months or less that are not recognised on the statement of \ufb01nancial position. The group has the following lease commitments
\nat 31 March:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nMinimum lease payments:
\nPayable in year one
1
5
\nPayable in year two
\u2013
3
\nPayable in year three
\u2013
2
\nPayable in year four
\u2013
2
\nPayable in year \ufb01ve
\u2013
2
\nPayable after \ufb01ve years
\u2013
3
\n1
17
\n(d) Litigation claims
\nTaxation matters
\nAs a global technology investor, the group\u2019s portfolio of businesses is well diversi\ufb01ed by sector and geography. The group
\noperates on a decentralised basis in numerous countries. Businesses are based in the countries where their operations, their
\nusers and consumers are. As a result, the group\u2019s businesses pay taxes locally, in the jurisdictions where they operate and where
\nthe group\u2019s products and services are consumed. Where relevant and appropriate, the group seeks advice and works with its
\nadvisers to identify and quantify contingent tax exposures. Our current assessment of possible tax exposures, including interest
\nand potential penalties, amounts to approximately US$191m (2022: US$nil).
\n(e) Assets pledged as collateral
\nThe group pledged property, plant and equipment, investments, cash and cash equivalents, trade receivables and other working
\ncapital as collateral against its secured long-term liabilities with an outstanding balance of US$466m (2022: US$318m). Refer to
\nnote 30 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f35451": {
"value": "(a) Capital expenditure Commitments in respect of contracts placed for capital expenditure at 31 March 2023 amount to US$nil (2022:\u00a0US$nil).
\n(b) Other commitments
\nThe group entered into contracts for the receipt of various services. These service contracts are for the receipt of information
\ntechnology and computer support services, access to networks, consulting services and contractual relationships with customers,
\nsuppliers and employees. The group\u2019s commitments in respect of these agreements amount to US$306m (2022: US$132m).
\n(c) Lease commitments
\nLease commitments include the group\u2019s short-term lease arrangements as well as other contractual lease agreements whose
\ncommencement date is after 31 March 2023. Short-term lease commitments relate to leasing arrangements with lease terms of
\n12 months or less that are not recognised on the statement of \ufb01nancial position. The group has the following lease commitments
\nat 31 March:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nMinimum lease payments:
\nPayable in year one
1
5
\nPayable in year two
\u2013
3
\nPayable in year three
\u2013
2
\nPayable in year four
\u2013
2
\nPayable in year \ufb01ve
\u2013
2
\nPayable after \ufb01ve years
\u2013
3
\n1
17",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f35501": {
"value": "(e) Assets pledged as collateral The group pledged property, plant and equipment, investments, cash and cash equivalents, trade receivables and other working
\ncapital as collateral against its secured long-term liabilities with an outstanding balance of US$466m (2022: US$318m). Refer to
note 30 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f35502": {
"value": "(e) Assets pledged as collateral The group pledged property, plant and equipment, investments, cash and cash equivalents, trade receivables and other working
\ncapital as collateral against its secured long-term liabilities with an outstanding balance of US$466m (2022: US$318m). Refer to
note 30 for further details.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f35512": {
"value": "44. Subsequent events
\nEvents after the reporting period
\nAs part of the share repurchase programme announced in June 2022, Prosus acquired 27 741 167 Prosus ordinary shares N
\nfor\u00a0US$2.02bn and Naspers acquired 5 480 549 Naspers N ordinary shares for US$940m between April and 22 June 2023.
\nFurthermore, Naspers disposed of 10 591 976 Prosus ordinary shares N for US$766m between April and 22 June 2023. The group
\nwill account for this transaction in the same manner that it was accounted for in the year ended 31 March 2023.
\nThe group sold 46 789 700 shares of Tencent Holdings Limited (Tencent) between April and 22 June 2023 yielding US$2.05bn in
\nproceeds. An accurate estimate for the gain on disposal of these shares cannot be made until the corresponding equity-
\naccounted results for the period have been \ufb01nalised.
\nIn June 2023, the group received the requisite approval from the South African Reserve Bank for a proposed transaction in terms
\nof which the crossholding between Naspers and Prosus will be removed. The implementation of the proposed transaction will
\nenable the continuation of the share repurchase programme at the Naspers level. The proposed transaction is also intended to
\nremove the complexity created by the crossholding between Naspers and Prosus while keeping the Naspers and Prosus free-\ufb02oat
\ne\ufb00ective economic interests the same as they were prior to its implementation. This will be achieved through aligning the legal
\nownership in Prosus with the current respective free-\ufb02oat e\ufb00ective economic interests. The implementation of the proposed
transaction is subject to the requisite regulatory and Naspers and Prosus shareholder and \ufb01nal board approvals being obtained.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f35547": {
"value": "Company statement of \ufb01nancial position as at 31 March 2023 (before appropriation of results)
\n31 March
\nNotes
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nAssets
\nNon-current assets
144 009
153 420
\nInvestments in subsidiaries
3
141 188
150 306
\nInvestments at fair value through other comprehensive income
4
206
385
\nAmounts due from group companies
5
2 615
2 727
\nDerivative \ufb01nancial instruments
18
\u2013
2
\nCurrent assets
14 806
12 294
\nAmounts due from group companies
5
1
8
\nDerivative \ufb01nancial instruments
18
5
27
\nOther receivables
6
45
17
\nShort-term investments
7
6 709
3 924
\nCash and cash equivalents
8
8 046
8 318
\nTotal assets
158 815
165 714
\nEquity and liabilities
\nShareholders\u2019 equity
143 290
150 122
\nShare capital
9, 10
170
177
\nShare premium
9, 10
131 934
142 687
\nStatutory reserve
138
138
\nRetained earnings
6 848
1 085
\nUndistributed results
4 200
6 035
\nNon-current liabilities
15 253
15 492
\nLong-term liabilities
11
15 253
15 368
\nCurrent liabilities
272
224
\nCurrent portion of long-term liabilities
\n1
\n11
124
124
\nAmounts due to group companies
5
6
77
\nAccrued expenses and other current liabilities
\n1
\n12
82
11
\nTaxation payable
59
\u2013
\nDerivative \ufb01nancial instruments
18
1
12
\nTotal equity and liabilities
158 815
165 714
\n1 Accrued interest expense previously aggregated into \u2018Accrued expenses and other current liabilities\u2019 is now presented in \u2018Current portion of long-term debt\u2019 to
\npresent the interest component with the interest bearing liabilities.
\nThe accompanying notes are an integral part of these company \ufb01nancial statements.
\n
\n
\n
\n
Company statement of comprehensive income
\nfor the year ended 31 March 2023
\n31 March
\nNotes
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nSelling, general and administration expenses
13
(5)
(12)
\nDividend income
14
4 226
6 472
\nOperating pro\ufb01t
4 221
6 460
\nInterest income
15
454
35
\nInterest expense
15
(497)
(353)
\nOther \ufb01nance income/(cost) \u2013 net
15
22
(31)
\nPro\ufb01t before taxation
4 200
6 111
\nTaxation
16
\u2013
(76)
\nPro\ufb01t for the year
4 200
6 035
\nOther comprehensive loss (OCI)
(182)
(674)
\nNet fair value loss on \ufb01nancial assets at fair value through OCI
\n1
\n4
(179)
(700)
\nNet movement in hedging reserve
\n2
\n(3)
26
\nTotal comprehensive income for the year
4 018
5 361
\n1
Financial assets at fair value through OCI will not subsequently be reclassi\ufb01ed to pro\ufb01t or loss.
\n2
This component of other comprehensive income may subsequently be reclassi\ufb01ed to pro\ufb01t or loss.
\nThe accompanying notes are an integral part of these company \ufb01nancial statements.
\n
\n
\n
Share
\ncapital
\nUS$\u2019m
\nShare
\npremium
\nUS$\u2019m
\nTreasury
\nshares
\n1
\nUS$\u2019m
\nStatutory
\nreserve
\n2
\nUS$\u2019m
\nRetained
\nearnings
\nUS$\u2019m
\nUndistri-
\nbuted
\nresults
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\nBalance at 1 April 2022
177
149 098
(6 411)
138
1 085
6 035
150 122
\nIncome for the year
\u2013
\u2013
\u2013
\u2013
(182)
4 200
4 018
\nPro\ufb01t for the year
\u2013
\u2013
\u2013
\u2013
\u2013
4 200
4 200
\nOther comprehensive loss
\n3
\n\u2013
\u2013
\u2013
\u2013
(182)
\u2013
(182)
\nAppropriation of result
\u2013
\u2013
\u2013
\u2013
6 035
(6 035)
\u2013
\nShare capital movements
\n4
\n98
(98)
\u2013
\u2013
\u2013
\u2013
\u2013
\nAnnual distribution paid to
\nshareholders
\n4
\n(102)
\u2013
\u2013
\u2013
(89)
\u2013
(191)
\nRepurchase of own shares
\n5
\n\u2013
\u2013
(10 043)
\u2013
\u2013
\u2013
(10 043)
\nCancellation of shares
\n6
\n(4)
(6 407)
6 411
\u2013
\u2013
\u2013
\u2013
\nCapital restructure as a result
\nof\u00a0the share repurchase
\nprogramme
\n7
\n\u2013
(616)
\u2013
\u2013
\u2013
\u2013
(616)
\nCurrency translation of
\nshare\u00a0capital
1
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
\nBalance at 31 March 2023
170
141 977
(10 043)
138
6 848
4 200
143 290
\n1 Treasury shares is a component of share premium that is presented separately within the statement of changes in equity.
\n2 As required by article 29 of the company\u2019s articles of association the company holds a legal reserve for the conversion of A1 shares to A2 shares when the
\nconversion criteria are triggered.
\n3 Relates predominantly to the company\u2019s investment at fair value through other comprehensive income. Refer to note 4.
\n4 Share capital movements relate to the net increase in the nominal value of the ordinary shares N in respect to those shareholders who elected the distribution in
\nrelation to the 2022 \ufb01nancial year in the form of capital repayment. Annual distribution paid to shareholders relate to the actual capital and dividend payments
\nmade to shareholders in the current year. Refer to note 9.
\n5 Relates to repurchase of own shares as per the share repurchase programme. Refer to note 9.
\n6 Relates to the cancellation of N shares repurchased per the share repurchase programme. Refer to note 9.
\n7
Relates to the consideration paid for Naspers Limited shares that represents a capital restructure as a result of the cross-holding agreement. Refer to note 9.
\nThe accompanying notes are an integral part of these company \ufb01nancial statements.
\nShare
\ncapital
\nUS$\u2019m
\nShare
\npremium
\nUS$\u2019m
\nTreasury
\nshares
\n1
\nUS$\u2019m
\nStatutory
\nreserve
\n2
\nUS$\u2019m
\nValuation
\nreserve
\n3
\nUS$\u2019m
\nRetained
\nearnings
\nUS$\u2019m
\nUndistri-
\nbuted
\nresults
\nUS$\u2019m
\nTotal
\nUS$\u2019m
\nBalance at 1 April 2021
95
152 040
(1 416)
138
112
1 835
(89)
152 715
\nIncome for the year
\u2013
\u2013
\u2013
\u2013
(112)
(562)
6 035
5 361
\nPro\ufb01t for the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6 035
6 035
\nOther comprehensive loss
\n4
\n\u2013
\u2013
\u2013
\u2013
(112)
(562)
\u2013
(674)
\nAppropriation of result
\u2013
\u2013
\u2013
\u2013
\u2013
(89)
89
\u2013
\nShare capital movements
\n5
\n128
(128)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nAnnual distribution paid to
\nshareholders
\n5
\n(134)
\u2013
\u2013
\u2013
\u2013
(104)
\u2013
(238)
\nRepurchase of own shares
\n6
\n\u2013
\u2013
(4 995)
\u2013
\u2013
\u2013
\u2013
(4 995)
\nShare exchange transaction
\n7
\n27
(2 814)
\u2013
\u2013
\u2013
\u2013
\u2013
(2 787)
\nProsus ordinary shares B
\nissued
\n7
\n66
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
66
\nCurrency translation of
\nshare\u00a0capital
(5)
\u2013
\u2013
\u2013
\u2013
5
\u2013
\u2013
\nBalance at 31 March 2022
177
149 098
(6 411)
138
\u2013
1 085
6 035
150 122
\n1 Treasury shares is a component of share premium that is presented separately within the statement of changes in equity.
\n2 As required by article 29 of the company\u2019s articles of association the company holds a legal reserve for the conversion of A1 shares to A2 shares when the
\nconversion criteria are triggered.
\n3 This component of equity forms part of \u2018Legal reserves\u2019 of the company.
\n4 Relates predominantly to the company\u2019s investment at fair value through other comprehensive income. Refer to note 4.
\n5 Share capital movements relate to the net increase in the nominal value of the ordinary shares N in respect to those shareholders who elected the distribution in
\nrelation to the 2021 \ufb01nancial year in the form of capital repayment. Annual distribution paid to shareholders relate to the actual capital and dividend payments
\nmade to shareholders during the \ufb01nancial year. Refer to note 9.
\n6 Relates to repurchase of own shares as per the share repurchase programme. Refer to note 9.
\n7 Relates to the share exchange transaction. The transaction resulted in an increase in share capital and premium due to the issuance of shares with a subsequent
\ndecrease in share premium as a result of the capital restructure. Refer to note 4 of the consolidated \ufb01nancial statements for the accounting treatment.
\nThe accompanying notes are an integral part of these company \ufb01nancial statements.
\nCompany statement of changes in equity
\nfor the year ended 31 March 2023
\n
\n
\n
\n
Company statement of cash \ufb02ows
\nfor the year ended 31 March 2023
\n31 March
\nNotes
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCash \ufb02ows from operating activities
\nCash generated from operations
17
4 206
6 298
\nInterest income received
268
35
\nInterest expense paid
(480)
(300)
\nNet cash generated from operating activities
3 994
6 033
\nCash \ufb02ows from investing activities
\nLoans advanced to group companies
(4 395)
(7 920)
\nLoans repaid by group companies
3 009
741
\nAcquisition of Naspers shares
4
\u2013
(1 287)
\nAcquisition of short-term investments
7
(2 700)
(2 711)
\nCapital repayment received from MIH Internet Holdings B.V.
3
10 618
8 708
\nOther investing activities
(10)
\u2013
\nNet cash generated from/(utilised in) investing activities
6 522
(2 469)
\nCash \ufb02ows from \ufb01nancing activities
\nProceeds from issue of share capital
9
\u2013
66
\nProceeds from long-term loans raised
11
\u2013
9 211
\nRepayments of long-term loans
11
\u2013
(1 578)
\nDividends paid to shareholders
9
(89)
(104)
\nCapital repayments to shareholders
9
(102)
(134)
\nRepurchase of own shares
9
(9 897)
(4 995)
\nAcquisition of Naspers shares resulting in a capital restructure
9
(615)
\u2013
\nOther \ufb01nancing activities
(51)
(97)
\nNet cash (utilised in)/generated from \ufb01nancing activities
(10 754)
2 369
\nNet (decrease)/increase in cash and cash equivalents
(238)
5 933
\nForeign exchange translation adjustments on cash and cash equivalents
(34)
48
\nCash and cash equivalents at the beginning of the year
8 318
2 337
\nCash and cash equivalents at the end of the year
8
8 046
8 318
\nThe accompanying notes are an integral part of these company \ufb01nancial statements.
\n\n
\n
\n\n1.
Principal accounting policies
\nGeneral information
\nProsus N.V. (Prosus or the company) is a public limited liability company incorporated under Dutch law, with its registered head
\no\ufb03ce located at Symphony O\ufb03ces, Gustav Mahlerplein 5, 1082 MS Amsterdam, the Netherlands, (registered in the Dutch
\ncommercial register under number 34099856). Prosus is a subsidiary of Naspers Limited (Naspers), a company incorporated in
\nSouth Africa. Prosus is listed on the Euronext Amsterdam stock exchange, with a secondary listing on the Johannesburg Stock
\nExchange (JSE) Limited and A2X markets in South Africa. The principal activities of the company are to operate as a holding
\ncompany for its internet assets and provide equity funding to the subsidiaries of the Prosus group.
\nBasis of preparation and accounting policies
\nIFRS compliance
\nThe company \ufb01nancial statements are presented in accordance with, and comply, in all material respects, with International
\nFinancial Reporting Standards (IFRS) as adopted by the European Union (IFRS-EU). All standards and interpretations issued by the
\nInternational Accounting Standards Board (IASB) and the IFRS Interpretations Committee have been endorsed by the European
\nUnion (EU). The accounting policies applied by Prosus also comply with the statutory provisions of Part 9, Book 2 of the Dutch Civil
\nCode.
\nAccounting policies
\nThe accounting policies of the company are the same as those of the Prosus group, where applicable (refer to the accounting
\npolicies in the consolidated \ufb01nancial statements), speci\ufb01cally with regard to \ufb01nancial assets measured at amortised cost.
\nInvestments in subsidiaries
\nInvestments in subsidiaries are accounted for at cost less accumulated impairment losses.
\nNon-cash distributions to controlling shareholders/distributions from investments in subsidiaries
\nWhen the company declares a non-cash distribution to its controlling shareholders it recognises the distribution when it is
\nappropriately authorised. Non-cash distributions to controlling shareholders are common control transactions and are therefore
\nmeasured at the respective carrying amounts of the assets distributed.
\nNon-cash distributions received from the company\u2019s investments in subsidiaries are measured at the fair value of the non-cash
\nassets distributed.
\nIFRS 9
Financial Instruments
(IFRS 9)
\nClassi\ufb01cation of loans to subsidiaries
\nLoans to subsidiaries and related party receivables are classi\ufb01ed as \ufb01nancial assets at amortised cost as these items are held
\nwithin a business model whose objective is to hold assets to collect contractual cash \ufb02ows and its contractual cash \ufb02ows
\nrepresent solely payments of principal and interest on the amount outstanding. In making this assessment, the company considers
\nthe e\ufb00ect of terms (including conversion, prepayment and extension features) that may a\ufb00ect the timing and/or amounts of cash
\n\ufb02ows.
\nMeasurement of \ufb01nancial assets at amortised cost
\nThe company applied the measurement provisions of IFRS 9, including those relating to impairment allowances on \ufb01nancial
\nassets at amortised cost, to all \ufb01nancial instruments within the measurement scope of IFRS 9. The company\u2019s impairment
\nmethodology related to \ufb01nancial assets at amortised cost is detailed in note 5 of the company \ufb01nancial statements.
\n\n
\n\n
Dividend income
\nDividend income is recognised when declared by the company\u2019s subsidiaries and the company has a right to payment. Dividend
\nincome includes amounts declared from proceeds of sale of investments received as a dividend in specie by the company\u2019s
\nsubsidiary. Dividend income is recognised in the income statement unless the dividend is a distribution that clearly represents a
\nrecovery of the cost of an investment that is disposed. Dividend income is presented under operating activities in the statement of
\ncash \ufb02ows.
\nImpairment of investments
\nThe company periodically (at least once a year at the reporting date) evaluates the carrying value of assets when events and
\ncircumstances indicate that the carrying value may not be recoverable. Factors that the company considers important, which could
\ntrigger an impairment review include, but are not limited to, signi\ufb01cant underperformance relative to historical or projected future
\noperating results, signi\ufb01cant changes in the manner of use of the acquired assets or the strategy for the company\u2019s overall
\nbusiness, signi\ufb01cant negative industry or economic trends that are likely to prevail into the long term and the market capitalisation
\nof listed investments. The carrying value of an asset is considered impaired when the recoverable amount of such an asset is less
\nthan its carrying value. In that event, a loss is recognised based on the amount by which the carrying value exceeds the
\nrecoverable amount of the asset.
\nAn impairment loss is directly recognised in the income statement, while the carrying amount of the asset concerned is
\nconcurrently reduced.
\nAccounting judgements and sources of estimation uncertainty
\nThe preparation of the company \ufb01nancial statements necessitates the use of estimates, assumptions and judgements by
\nmanagement. These estimates, assumptions and judgements a\ufb00ect the reported amounts of assets, liabilities and contingent
\nassets and liabilities at the statement of \ufb01nancial position date as well as the reported income and expenses for the year.
\nAlthough estimates are based on management\u2019s best knowledge and judgement of current facts as at the statement of \ufb01nancial
\nposition date, the actual outcome may di\ufb00er from these estimates. Estimates and/or judgements are made regarding the
\naccounting treatment of the share exchange transaction with Naspers shareholders and the measurement of the residual interest
\nin the Naspers group (as disclosed in note 5 in the consolidated \ufb01nancial statements), determining whether a distribution from the
\ncompany\u2019s subsidiary is a capital repayment or dividend income, identifying impairment triggers for the impairment of
\ninvestments in subsidiaries (refer to note 3) the impairment considerations for the expected credit losses of related party loans
\nand receivables (refer to note 5) and the judgements related to taxation (refer to note 16).
\n2.
Signi\ufb01cant changes in \ufb01nancial position and performance during the reporting period
\nProsus share repurchase programme
\nIn June 2022, the group announced the beginning of an open-ended, repurchase programme of Prosus ordinary shares N and
\nNaspers N ordinary shares.
\nRefer to note 5 of the consolidated \ufb01nancial statements for the accounting treatment for the above transaction.
\n\n\n\n3.
Investments in subsidiaries
\nThe following information relates to Prosus N.V.\u2019s direct interest in its subsidiaries:
\nFunctional
\ncurrency
\nE\ufb00ective
\npercentage interest
\nDirect investment
\nin shares
\nNature of
\nbusiness
\nCountry of
\nincorporation
\nName of subsidiary
\n2023
\n%
\n2022
\n%
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nUnlisted companies
\nMIH Internet
Investment
The
\nHoldings B.V.
US$
100.0
100.0
141 188
150 306
holding
Netherlands
\nBelow is a summary of the movements in the company\u2019s investments in subsidiaries:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCarrying amount as at 1 April
150 306
153 514
\nMovements during the year
(9 118)
(3 208)
\nCapital repayments
(10 618)
(8 708)
\nLoan capitalisations
1 500
5 500
\nCarrying amount as at 31 March
141 188
150 306
\nChanges in investments in subsidiaries for the year ended 31 March 2023
\nThe company\u2019s signi\ufb01cant corporate transactions related to its investments in subsidiaries for the year ended 31 March 2023 are
\nas follows:
\nCapital repayments
\nDuring the current year MIH Internet Holdings B.V. sold Tencent shares for US$10.6bn as part of an orderly, on-market sale to fund
\nthe share repurchase programme. These proceeds represent a recovery of the cost of the investment and were distributed as a
\ncapital repayment by MIH Internet Holdings B.V. The company recognised this capital repayment against the cost of its investment
\nin MIH Internet Holdings B.V.
\nLoan capitalisations
\nDuring the current year the company converted US$1.50bn of its balance receivable from MIH Internet Holdings B.V. into equity in
\nexchange for one ordinary share in the capital of MIH Internet Holdings B.V.
\nFunds provided to MIH Internet Holdings B.V. are primarily to \ufb01nance various corporate transactions including mergers and
\nacquisitions of the group. The decision in relation to amounts capitalised is determined based on the nature of the corporate
\ntransaction and whether this is best provided via loan \ufb01nancing or a capital contribution.
\nImpairment assessment
\nMIH Internet Holdings B.V. is the company\u2019s only investment in subsidiary and it directly or indirectly holds all of the Prosus
\ngroup\u2019s investments comprising listed and unlisted associates and subsidiaries. At the end of each year, the company assesses
\nwhether there is an indication that its investment in subsidiary is impaired. A decline in the market capitalisation of the company\u2019s
\nindirect listed investments and the increase in the discount rates used to determine the value in use of the unlisted investments
\nare considered impairment indicators. In addition, the carrying amount of the investment is higher than the market capitalisation
\nof the company. These impairment indicators resulted in the need to test the company\u2019s investment for impairment. Accordingly,
\nthe company performed an impairment assessment of its investment in subsidiary at the level of MIH Internet Holdings B.V.
\n
\n
\n
\n
The recoverable amount of MIH Internet Holdings B.V. is the sum-of-the-parts of the underlying listed investments (including
\nTencent) and non-listed ecommerce investments using a combination of quoted prices (for some of the listed investments), value
\nin use calculations and recent funding transactions that occurred during the current year. The value in use was determined using
\nthe discounted cash \ufb02ow method. The group used 10-year projected cash \ufb02ow models as these businesses have monetisation
\ntimelines longer than \ufb01ve years. Forecasts are approved by senior management and/or the various boards of directors of group
\ncompanies.
\nThe company\u2019s impairment assessment takes into account that, in most instances, longer forecast periods are required for many
\necommerce businesses, due to the fact that ecommerce businesses generally only reach maturity once su\ufb03cient market share has
\nbeen gained, the businesses have reached the appropriate scale and have become revenue generative/pro\ufb01table.
\nKey assumptions in estimating these future cash \ufb02ows over the forecast period include the entity\u2019s ability to capture the required
\nmarket share and the additional investment required in order for it to reach the appropriate scale. The value in use calculations
\ndetermined the equity values for the non-listed ecommerce portfolio which took into account the following key assumptions:
\n\u00bb
Revenue and expenses were based on past experience and management\u2019s future expectations of business performance.
\n\u00bb
The growth rates were consistent with publicly available information relating to long-term average growth rates for the
\nrespective countries in which the entities operate or, where more appropriate, the growth rate of the cash-generating units.
\n\u00bb
The discount rates re\ufb02ected both the time value of money and other market-speci\ufb01c risks relating to the respective entity. The
\ncompany applied post-tax discount rates in calculations as value in use was determined using post-tax cash \ufb02ows. Discount
\nrates ranged between 11.5% to 28% (2022: 9% to 25%).
\n\u00bb
The terminal growth rates considered the steady growth rates that would appropriately extrapolate cash \ufb02ows beyond the
\nforecasted periods. Terminal growth rates ranged between 2% to 7.5% (2022: 2% to 7%).
\nBased on the sum of the fair values of listed and non-listed signi\ufb01cant investments, the recoverable amount of MIH Internet
\nHoldings B.V. exceeds the carrying amount of US$141.2bn. Accordingly, there was no impairment loss recognised.
\nAs part of our impairment testing, we performed sensitivity analyses on the underlying discounted cash \ufb02ow calculations. These
\nanalyses reveal that the values are highly sensitive and adjustments to the expected future cash \ufb02ows, or higher discount rates,
\ncould result in an impairment. The main inputs for the expected future cash \ufb02ows are revenue growth, pro\ufb01t margins, discount
\nrates and long-term growth rates on which sensitivity analyses have been prepared. Reasonable possible changes on the
\nrevenue growth rates, pro\ufb01t margins and discount rates used to estimate future performance have been assessed as to whether it
\nimpacts the recoverable amounts of the company\u2019s investments in subsidiaries. It has been determined that some investments are
\nmore sensitive to changes than others. The forecast annual revenue growth rates assumed for the investments in subsidiaries
\nranges between 6.9% to 35.6% (2022: 6% to 60%).
\nWe also compared the sum of the total value of the company\u2019s underlying assets, as well as the carrying amounts, to the market
\ncapitalisation of the company. The market capitalisation of US$97.9bn as at 31 March 2023 (2022: US$76.8bn) shows a discount
\nto the carrying amount of the company shareholders\u2019 equity based on IFRS. We considered that it is common that investment
\nholding companies trade at a discount to the fair value on the controlling basis of their underlying assets. Holding company
\ndiscounts vary signi\ufb01cantly but are normally in the 10% to 40% range although, in some cases, this can extend to over 50%. The
\nreasons for holding company discounts can vary according to each company\u2019s speci\ufb01c circumstances, but can include
\nmanagement costs, tax leakage, governance and shareholder structure, information asymmetry and perceived reinvestment risk.
\nSince the listing in 2019, Prosus has mostly been trading between a 15% and 35% discount to its equity value. The total market
\nvalue of the listed marketable securities held by Prosus N.V. at 31 March 2023 was approximately US$132.6bn (2022: US$141bn).
\nBased on our analysis we conclude that this discount does not \u2013 as such \u2013 result in an additional reduction of the value
\ndetermined under IAS 36 used in the impairment assessment of the company\u2019s subsidiaries.
\nIf either the pre or post-tax discount rate applied to cash \ufb02ows were to increase relatively by 5% or the growth rate used to
\nextrapolate cash \ufb02ows were to decrease relatively by 5%, or if both the discount rate and the growth rate were to increase and
\ndecrease relatively by 5% respectively, there would be no impairments that would have to be recognised.
\nChanges in investments in subsidiaries for the year ended 31 March 2022
\nThe company\u2019s signi\ufb01cant corporate transactions related to its investments in subsidiaries for the year ended 31 March 2022 are
\nas follows:
\nCapital repayments
\nDuring the prior year MIH TC Holdings Ltd (the company\u2019s indirect subsidiary holding the investment in Tencent) sold 2% of
\nTencent\u2019s issued share capital for US$14.6bn. These proceeds from the sale were declared as a dividend to MIH Internet
\nHoldings B.V.
\nMIH Internet Holdings B.V. subsequently declared the US$14.6n as a dividend to the company. The company recognised
\nUS$8.7bn as a capital repayment against the cost of its investment in MIH Internet Holdings B.V. The capital repayment
\nrepresents a recovery of the cost of the investment in Tencent.
\n\n
\n\n
Loan capitalisations
\nDuring the previous year the company converted US$5.50bn of its balance receivable from MIH Internet Holdings B.V. into equity.
\nFunds provided to MIH Internet Holdings B.V. are primarily to \ufb01nance various corporate transactions including mergers and
\nacquisitions of the group. The decision in relation to amounts capitalised is determined based on the nature of the corporate
\ntransaction and whether this is best provided via loan \ufb01nancing or a capital contribution.
\nImpairment assessment
\nMIH Internet Holdings B.V. is the company\u2019s only investment in subsidiary and it directly or indirectly holds all of the Prosus
\ngroup\u2019s investments comprising listed and unlisted associates and subsidiaries. A decline in the market capitalisation of the
\ncompany, its indirect listed investments and changes in the discount rates used to determine the value in use of the unlisted
\ninvestments are considered impairment indicators. Accordingly, the company performed an impairment assessment of its
\ninvestment in subsidiary.
\nBased on the sum of the fair values of listed and non-listed signi\ufb01cant investments, the recoverable amount of MIH Internet
\nHoldings B.V. signi\ufb01cantly exceeded the carrying amount of US$150.3bn. Accordingly, there was no impairment loss recognised.
\nIf either the pre or post-tax discount rate applied to cash \ufb02ows were to increase relatively by 5% or the growth rate used to
\nextrapolate cash \ufb02ows were to decrease relatively by 5%, or if both the discount rate and the growth rate were to increase and
\ndecrease relatively by 5% respectively, there would be no impairments that would have to be recognised.
\n4.
Investments at fair value through other comprehensive income
\nFair value
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nResidual interest in the Naspers Limited group
206
385
\nTotal investments at fair value through other comprehensive income
206
385
\nProsus holds a total of 217 552 704 Naspers N ordinary shares. These shares were acquired as part of share repurchase
\nprogrammes (announced in October 2020 and June 2022) and the voluntary share exchange transaction in August 2021.
\nSubsequent to the above transactions, as at 31 March 2023, Prosus holds a 52.5% (2022: 49.5%) fully diluted interest, representing
\na 52.7% (2022: 49.9%) economic interest in Naspers.
\nSince the completion of the voluntary share exchange transaction in August 2021, Prosus\u2019 interest in Naspers is accounted for,
\ntaking into consideration the cross-holding agreement between Prosus and Naspers that became e\ufb00ective simultaneously with the
\nclosing of the transaction.
\nThe cross-holding agreement mandates that Prosus waives all rights to all distributions (including dividend \ufb02ows) from its Naspers shares
\nheld, other than the portion attributable to the residual interest in the Naspers group (primarily Takealot, Media24 and corporate
\nentities). Based on the substance of this cross-holding agreement, the portion of Prosus\u2019 interest in Naspers attributable to the residual
\ninterest in the Naspers group is recognised as a \ufb01nancial asset at fair value through other comprehensive income (FVOCI).
\nIn June 2022, the company announced the beginning of an open-ended, repurchase programme of Prosus ordinary shares N and
\nNaspers N ordinary shares. As part of the repurchase programme, Prosus purchased an additional 4 152 285 Naspers N
\nordinary shares for a total consideration of US$624.5m during the current year.
\nThe accounting for these repurchased shares takes into consideration the existing cross-holding agreement.
\nAccordingly, the consideration paid for Naspers N ordinary shares representing the increase in Prosus\u2019 residual interest in
\nNaspers was recognised as a FVOCI investment with the remaining portion representing the value of Prosus\u2019 underlying
\ninvestments being recognised in equity. The group recognised US$10.1m of the consideration as a FVOCI investment and the
\nremaining US$614.5m in \u2018Share premium\u2019 in equity.
\nAt 31 March 2023, the residual interest in the Naspers group amounted to US$206m (2022: US$385m) subsequent to the
\nrevaluation of the residual interest. The group recognised a fair value loss of US$179m as a result of this revaluation.
\n\n\n5.
Related party transactions and balances
\nAmounts due from group companies
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nMIH Internet Holdings B.V.
2 615
2 727
\nMIH Payments Holdings B.V.
\u2013
8
\nPayU S.A.
1
\u2013
\nTotal amounts due from group companies
2 616
2 735
\nLess: Non-current portion of amounts owing from group companies
(2 615)
(2 727)
\nCurrent portion of amounts due from group companies
1
8
\nAmounts due to group companies
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\niFood Holdings B.V.
5
3
\nMovile International Holdings B.V.
\u2013
56
\nMIH Internet Holdings B.V.
1
\u2013
\nOLX Global B.V.
\u2013
18
\nTotal amounts due to group companies
6
77
\nCurrent positions due from or due to group companies are unsecured, denominated in various currencies, non-interest bearing
\nand repayable on demand. Accordingly, the e\ufb00ect of discounting on these loans is insigni\ufb01cant. The non-current loan is
\ndenominated in euro and US dollar. The euro-denominated amount bears interest of 3-month Euribor plus 1.75%. The US dollar-
\ndenominated amount is non-interest bearing and repayable on demand. The loan amount shall be repayable in full by the
\nborrower on or before 31 March 2028.
\nThe measurement of the impairment loss allowance on these loans and receivables is based on the assessment of whether there
\nhas been a signi\ufb01cant increase in credit risk. Management has assessed that the credit risk of these loans and receivables is
\nbased on the credit worthiness of the borrowers and their ability to repay the amounts owing. There has been no signi\ufb01cant
\nincrease in the credit risk of the borrowers during the \ufb01nancial year. Consequently, the impairment loss allowance is based on a
\n12-month expected credit loss model.
\nAt 31 March 2023 and 2022, the impairment allowances related to loans to group companies were not signi\ufb01cant on account of
\nthe loan counterparties\u2019 holdings of substantial highly liquid marketable securities, and/or cash/short-term cash investment
\nbalances. These holdings by the counterparties signi\ufb01cantly exceed their obligations, excluding their liabilities towards the
\ncompany, and accordingly mitigate the credit risk arising from these loans.
\nBased on the principal activities of the company as a holding company, the transactions disclosed in the notes are related party
\ntransactions. The \ufb01nancial statement impact and nature of the transactions are disclosed in the respective notes.
\nThe company and its subsidiaries bene\ufb01t from services of Naspers as a result of the shared corporate and governance structures.
\nThe corporate costs for these services are included in note 21 of the consolidated \ufb01nancial statements. Post the listing of the
\ncompany in September 2019, all corporate costs and management fees are carried by the company\u2019s indirect subsidiary, Prosus
\nServices B.V. As a result, the company has not recognised any employee costs (refer to note 13) and revenue in the current year.
\nThe non-current amount due from MIH Internet Holdings B.V. of US$2.6bn is unsecured and denominated in euro (\u20ac2.3bn) and US
\ndollar (US$147m). The company now provides MIH Internet Holdings B.V. with access to liquidity to fund its subsidiaries. All
\namounts drawn from the facility are repayable in full by 31 March 2028.
\nThe euro-denominated amount was interest-bearing at 3-months Euribor plus a 1.75 percentage point mark-up (with a minimum
\ninterest rate of 1.75 percentage point). All interest on the amounts due under the loan facility agreement shall be paid at the end
\nof each quarter (ie ultimately on 31 March, 30 June, 30 September and 31 December, each such date is referred to as due date).
\nTo the extent that the interest due and payable at the due dates remains unpaid, the interest amount is added to the outstanding
\nbalance under the facility, at the end of each quarter during the term of the facility and becomes part of the balance on which
\nfuture interest is calculated.
\nThe US dollar-denominated amount is non-interest bearing and repayable in full on or before 31 March 2028. It is therefore
\npresented as a non-current receivable. The outstanding US dollar amount is intended to be (partially) converted into equity once
\napproved by management. Refer to note 3.
\n\n\n
\n
During the year the company provided funding to MIH Internet Holdings B.V. for an amount of US$4.4bn, received a repayment of
\nUS$3.0bn and capitalised US$1.5bn (refer to note 3) of the loan balance. The funding was provided for future corporate
\ntransactions and other general corporate purposes.
\nDividend distribution
\nAt the prior year annual general meeting, the shareholders approved the proposed capital distribution of 14 euro cents per listed
\nordinary share N and the dividend distribution of 1.118 euro cents per ordinary share A1. Holders of ordinary shares N could
\nelect to receive a dividend distribution instead of a capital distribution. 67 034 (2021: 96 768) ordinary shares N were unclaimed
\nas of 31 March 2022. The dividend distribution included US$81.6m (2021: US$104.2m) paid to Naspers (refer to note 9).
\nDirectors\u2019 remuneration
\nRefer to note 42 of the consolidated \ufb01nancial statements for details of the Prosus group\u2019s remuneration for directors and key
\nmanagement.
\nThe group has not provided any personal loans, advances or guarantees to the executive and non-executive directors. Additional
\ninformation on the remuneration and share-based compensation of members of the board and the remuneration of key
\nmanagement is disclosed in the remuneration report.
\n6.
Other receivables
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nPrepaid expenses
8
15
\nOther
37
2
\n45
17
\n7.
Short-term investments
\nThe carrying values of short-term investments as at 31 March are shown below.
\n31 March
\nWeighted
\naverage
\ninterest rate
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nDeposits and money market investments
4.90%
6 585
3 921
\nAccrued interest income
124
3
\n6 709
3 924
\nThe deposits and money market investments of US$6.59bn (2022: US$3.92bn) are primarily denominated in US dollar.
\nThe above investments have maturity dates (from the date of acquisition) of between three and 12 months and have accordingly
\nnot been disclosed as part of cash and cash equivalents.
\nShort-term investments are classi\ufb01ed as \ufb01nancial assets at amortised cost. Due to their short-term nature, the carrying values of
\nthese investments are considered to be a reasonable approximation of their fair values. None of the company\u2019s short-term
\ninvestments were past due or subject to signi\ufb01cant impairment allowances as at 31 March 2023 and 31 March 2022.
\nAll short-term investments are held in the same currency as the company\u2019s functional currency. Due to the nature of short-term
\ninvestments, there is an insigni\ufb01cant exposure to price risk.
\nRefer to note 18 for further information regarding the credit risk of short-term investments.
\n
\n
\n
\n
8.
Cash and cash equivalents
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCash at bank and on hand
8 046
8 318
\nIncluded in cash at bank and on hand is an amount of US$447m (2022: US$928m) which represents money market funds held
\nwith major banking groups and high-quality institutions that have AAA money market fund credit ratings from internationally
\nrecognised rating agencies.
\n9.
Share capital and premium
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nAuthorised
\n5 000 000 000 ordinary shares N of \u20ac0.05 each (2022: 5 000 000 000)
\n10 000 000 ordinary shares A1 of \u20ac0.05 each (2022: 10 000 000)
\n10 000 ordinary shares A2 of \u20ac50.00 each (2022: 10 000)
\n3 000 000 000 ordinary shares B of \u20ac0.05 each (2022: 3 000 000 000)
\nIssued and fully paid
\n2 003 817 745 ordinary shares N (2022: 2 073 643 605)
108
114
\n4 456 650 ordinary shares A1 (2022: 4 456 650)
1
1
\n1 128 507 756 ordinary shares B (2022: 1 128 507 756)
61
62
\nShare capital
170
177
\nShare premium
141 977
149 098
\nTreasury shares
(10 043)
(6 411)
\nShare capital and premium
132 104
142 864
\nEquity compensation plans administered by Naspers group share trusts hold 5 976 416 (2022: 4 543 614) of the ordinary
\nshares\u00a0N.
\nVoluntary share exchange transaction
\nIn August 2021, Prosus completed a voluntary share exchange transaction with Naspers shareholders. This o\ufb00ered Naspers
\nshareholders the opportunity to tender their existing Naspers N ordinary shares for newly issued Prosus ordinary shares N.
\nSince the completion of the voluntary share exchange transaction, Prosus\u2019 interest in Naspers is accounted for based on the
\nsubstance of the transaction, taking into consideration the cross-holding agreement between Prosus and Naspers that became
\ne\ufb00ective simultaneously with the closing of the transaction.
\nThe cross-holding agreement mandates that Prosus waives all rights to all distributions (including dividend \ufb02ows) from its Naspers
\nshares held, other than the portion attributable to the residual interest in the Naspers group (primarily Takealot, Media24 and
\ncorporate entities).
\nBased on the substance of this cross-holding agreement, the portion of Prosus\u2019 interest in Naspers attributable to the residual
\ninterest in the Naspers group is recognised as a \ufb01nancial asset at fair value through other comprehensive income (FVOCI). The
\nportion of the interest in Naspers that relates to Prosus\u2019 underlying investments is accounted for as a shareholder distribution. This
\nis recognised in equity in the \u2019Share premium\u2019. This portion of the transaction is therefore treated as a transaction with
\nshareholders in contemplation of a capital restructure.
\nAs at 31 March 2023, Prosus holds a 52.5% (2022: 49.5%) fully diluted interest, representing a 52.7% (2022: 49.9%) economic
\ninterest in Naspers.
\n\n\n\nShare repurchase programme
\nPurchase of Naspers N ordinary shares
\nAs part of the repurchase programme, during the current year, Prosus purchased 4 152 285 Naspers N ordinary shares for a total
\nconsideration of US$626m.
\nThe Naspers N ordinary shares acquired by the group are subject to the cross-holding agreement. The consideration paid for
\nNaspers N ordinary shares representing the increase in Prosus residual interest in Naspers was recognised as a FVOCI
\ninvestment with the remaining portion representing the value of Prosus\u2019 underlying investments being recognised in equity.
\nIn line with the cross-holding arrangement between Prosus and Naspers the group recognised US$10m of the consideration as a
\nFVOCI investment and the remaining US$616m in \u2018Share premium\u2019 in equity.
\nRepurchase of Prosus ordinary shares N
\nAs part of the repurchase programme, Prosus repurchased 152 797 117 Prosus ordinary shares N for a total consideration of
\nUS$10.04bn, of which US$9.90bn was paid in cash. The total consideration includes costs and related taxes. The Prosus ordinary
\nshares N acquired by the group are classi\ufb01ed as treasury shares. These are recognised in \u2018Treasury shares\u2019 on the statement of
\nchanges in equity and are a component of share premium.
\nRefer to note 5 of the consolidated \ufb01nancial statements for the accounting treatment for the open-ended share repurchase
\nprogramme.
\nTreasury shares
\nAt 31 March 2023, US$10.04bn (2022: US$6.41bn) was recognised as treasury shares. The company holds a total of 152 797 117
\nordinary shares N (2022: 69 825 860) of the gross number of ordinary shares N in issue at 31 March 2023 as treasury shares.
\nTreasury shares are shown separately in the statement of changes in equity. This provides more relevant information about the
\ntreasury shares held by Prosus subsequent to the share repurchase program. The treasury shares are a component of
\nshare\u00a0premium.
\nDuring the current year, the group cancelled 69 825 860 ordinary shares N. The company will hold the remaining treasury shares
\nuntil they are cancelled in due course, so as to reduce its issued share capital.
\n31 March
\n2023
\nNumber of
\nshares
\n2022
\nNumber of
\nshares
\nMovement in ordinary shares in issue during the year
\nOrdinary shares in issue at 1 April
3 206 608 011
1 628 163 888
\nCancellation of ordinary shares N
(69 825 860)
\u2013
\nOrdinary shares N issued to Naspers shareholders (share exchange)
\u2013
448 991 535
\nOrdinary shares A1 issued
\u2013
944 832
\nOrdinary shares B issued to Naspers
\u2013
1 128 507 756
\nShares in issue at 31 March
3 136 782 151
3 206 608 011
\nMovement in ordinary shares N held as treasury shares during the year
\nShares held as treasury shares at 1 April
69 825 860
11 874 493
\nCancellation of ordinary shares N
(69 825 860)
\u2013
\nShares acquired under the share repurchase programme
152 797 117
57 951 367
\nShares held as treasury shares at 31 March
152 797 117
69 825 860
\n
\n
\n
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nShare premium
\nBalance at 1 April
142 687
150 624
\nShare capital increase
\n1
\n(963)
(326)
\nShare capital decrease
\n1
\n865
198
\nRepurchase of own shares
\n2
\n(10 043)
(4 995)
\nIssue of shares as part of the share exchange transaction
\u2013
38 490
\nImpact of the share exchange transaction (capital restructure)
\u2013
(41 304)
\nCancellation of shares
4
\u2013
\nAcquisition of Naspers shares representing a capital restructure
(616)
\u2013
\nBalance at 31 March
131 934
142 687
\n1 On 22 November 2021, the company amended its articles of association that required it to make a capital repayment to shareholders of 14 euro cents per ordinary
\nshare N, by increasing the nominal value of an ordinary share N from 5 euro cents to 19 euro cents. After the distribution, the company amended its articles of
\nassociation by decreasing the nominal value of an ordinary share N from 19 euro cents to 5 euro cents. On 26 September 2022, the company amended its articles
\nof association that required it to make a capital repayment to shareholders of 14 euro cents per ordinary share N. Subsequently, the nominal value of an ordinary
\nshare N was increased from 5 euro cents to 55 euro cents. After the distribution, the company amended its articles of association by decreasing the nominal value
\nof an ordinary share N from 55 euro cents to 5 euro cents. Refer to \u2018Distribution to shareholders\u2019 below for more information.
\n2 Relates to the company\u2019s share repurchase programme described above.
\nDistribution to shareholders
\nAt the annual general meeting on 24 August 2022, the shareholders approved the proposed capital distribution of 14 euro cents
\nper listed ordinary share N, a dividend distribution of 1.118 euro cents per ordinary share A1 and a dividend distribution of
\n0.000014 euro cents per ordinary share B. Holders of ordinary shares N could elect to receive a dividend distribution instead of a
\ncapital distribution. On 27 September 2022 the dividend distribution/capital repayment was paid.
\nVoting and dividend rights
\nThe company\u2019s issued share capital at 31 March 2023 consists of 4 456 650 (2022: 4 456 650) ordinary shares A1, 1 128 507 756
\n(2022: 1 128 507 756) ordinary shares B and 2 003 817 745 (2022: 2 073 643 605) ordinary shares N. The ordinary shares N are
\nlisted on the Euronext Amsterdam stock exchange with a secondary listing on the JSE and A2X markets and, on a poll, carry one
\nvote per share. The ordinary shares A1 and B are not listed on a stock exchange and, on a poll, carry one vote per share. The
\nordinary shares A1 automatically convert to ordinary shares A2 carrying 1 000 votes per share, if Naspers makes, or is obliged to
\nmake, a \ufb01ling with the Netherlands Authority for the Financial Markets that it ceases to be entitled to exercise at least 50% plus
\none vote of the total number of voting rights that may be exercised at a general meeting.
\nIn terms of the company\u2019s articles of association, ordinary shareholders N are entitled to dividends. The dividends declared to
\nordinary shareholders A are equal to one \ufb01fth of the dividends to which Prosus\u2019 free-\ufb02oat ordinary N shareholders are entitled.
\nThe dividends declared to ordinary shareholders B are equal to one millionth of the dividends to which Prosus\u2019 free-\ufb02oat ordinary
\nshareholders N are entitled.
\nIn respect of all other rights, the ordinary shares A rank pari passu with the ordinary shares N of the company.
\nCapital management, unissued shares and valuation reserve
\nRefer to notes 23 and 24 of the consolidated \ufb01nancial statements for the Prosus group\u2019s capital management policy and more
\ndetails regarding the nature of the valuation reserve.
\n
\n
\n\n10.
Reconciliation between consolidated and company equity
\nBelow is a reconciliation of the consolidated equity attributable to the shareholders of the company and the equity in the
\ncompany \ufb01nancial statements. The di\ufb00erences between total shareholders\u2019 equity and total comprehensive income in the
\nconsolidated \ufb01nancial statements and the company \ufb01nancial statements relate to the accounting of investments in subsidiaries at
\ncost in the company \ufb01nancial statements, related impairments, consolidated results of subsidiaries and equity-accounted earnings
\nof the Prosus group\u2019s associates and joint ventures.
\nReconciliation of consolidated income and equity attributable to shareholders of the group to company
\nincome and equity attributable to owners of the company
\n31 March
31 March
\n2023
\nEquity
\nUS$\u2019m
\n2023
\nPro\ufb01t/(loss)
\nUS$\u2019m
\n2022
\nEquity
\nUS$\u2019m
\n2022
\nPro\ufb01t/(loss)
\nUS$\u2019m
\nConsolidated equity attributable to owners of
44 593
10 112
50 421
18 733
\nthe group
\nReconciling items to consolidated equity attributable to
\nowners of the company
\nShare premium
102 961
\u2013
110 085
\u2013
\nResults from consolidation of subsidiaries,
\nequity-accounted investments and other movements
(50 020)
(5 912)
(50 941)
(12 698)
\nOther comprehensive income
1 929
\u2013
(65)
\u2013
\nForeign currency translation reserve
1 990
\u2013
358
\u2013
\nShare-based compensation reserve
(3 844)
\u2013
(3 223)
\u2013
\nBusiness combination reserve
45 681
\u2013
43 487
\u2013
\nCompany equity attributable to owners
143 290
4 200
150 122
6 035
\nThe reconciling items for equity and income are further detailed below:
\nReconciling item \u2013 movements in share premium
\nThe share premium in the consolidated \ufb01nancial statements di\ufb00ers from the share premium in the company \ufb01nancial statements
\ndue to the accounting for:
\n\u00bb
the share premium that arose on the formation of the Prosus group;
\n\u00bb
the capital repayments as part of annual shareholder distributions;
\n\u00bb
the share exchange transaction; and
\n\u00bb
the purchase of Naspers Limited shares as part of the share repurchase programme.
\nShare premium on formation of the group
\nThe di\ufb00erence in share premium is as a result of the restructuring on formation of the Prosus group in 2019, particularly the
\nacquisition of MIH Services FZ LLC that held Naspers\u2019 investment in Tencent Holdings Limited. The acquisition in the company
\n\ufb01nancial statements was recognised at fair value. In the consolidated \ufb01nancial statements this was accounted for as a common
\ncontrol transaction recognised at the carrying value of Naspers consolidated \ufb01nancial statements in terms of the principles of
\npredecessor accounting.
\nCapital repayments as part of annual shareholder distributions
\nCapital repayments in the company \ufb01nancial statements are recognised as a decrease in share premium. This di\ufb00ers from the
\nconsolidated \ufb01nancial statements (through retained earnings) due to the di\ufb00erences in share premium that arose on formation of
\nthe group.
\nThe share exchange transaction
\nThe share exchange transaction in the company \ufb01nancial statements is accounted for as an increase in share capital and
\npremium with a subsequent decrease in share premium of US$38.25bn as a result of the capital restructure. In the consolidated
\n\ufb01nancial statements, the capital restructure was recognised as a decrease in the \u2018existing business combination reserve\u2019.
\nThe purchase of Naspers shares
\nDuring the year, as part of the share repurchase programme, the company purchased 4 152 285 Naspers N ordinary shares for a
\ntotal consideration of US$626m. The accounting for these shares purchased takes into consideration the existing cross-holding
\nagreement that was e\ufb00ective from the date of the share exchange transaction. The portion of this consideration paid that
\nrepresents a capital restructure amounting to US$615m was recognised as a decrease in share premium. In the consolidated
\n\ufb01nancial statements, the capital restructure was recognised as a decrease in the \u2018existing business combination reserve\u2019.
\n\n
\n
\n
Reconciling item \u2013 Results from consolidation of subsidiaries, equity-accounted investments and other
\nmovements
\nThe results from consolidation of subsidiaries, associates and joint ventures include the impact of consolidating results from the
\ngroup\u2019s investments as well as the impact of the restructuring that occurred upon formation of the Prosus group.
\nThe company\u2019s total net pro\ufb01t for the year of US$4.2bn (2022: net pro\ufb01t US$6.0bn) is lower compared with the group\u2019s total pro\ufb01t
\nfor the year of US$10.1bn (2022: US$18.7bn) in the consolidated \ufb01nancial statements. This is due to the consolidated pro\ufb01ts from
\nsubsidiaries and the equity-accounted earnings from associates and joint ventures. In addition, the company recognises dividend
\nincome in the income statement from distributions of the Tencent dividend and the proceeds from the sale of JD.com shares. The
\nTencent dividend is recognised against the carrying value of the investment in the group \ufb01nancial statements and the sale of the
\nJD.com shares is recognised through other comprehensive income.
\nReconciling item: Other comprehensive income
\nThe consolidated \ufb01nancial statements\u2019 \u2018other comprehensive income\u2019 include net fair value gains and losses from the Prosus
\ngroup\u2019s investments at fair value through other comprehensive income as well as the Prosus group\u2019s share of equity-accounted
\ninvestment\u2019s share of other comprehensive income and changes in net asset value. The company\u2019s gains or losses in other
\ncomprehensive income relates primarily to the residual interest in Naspers. Refer to note 4.
\nReconciling item: Foreign currency translation reserve
\nThe consolidated \ufb01nancial statements include the translation of the consolidated results of the foreign operations of the Prosus
\ngroup\u2019s subsidiaries and the equity-accounted associates and joint ventures which are not recognised in the company \ufb01nancial
\nstatements.
\nReconciling item: Share-based compensation reserve
\nThe consolidated \ufb01nancial statements include the expenses and accumulated reserves related to Prosus group\u2019s share-based
\ncompensation plans which are not recognised in the company \ufb01nancial statements.
\nReconciling item: Business combination reserve
\nThe consolidated \ufb01nancial statements include common control transactions, and the recognition and subsequent measurement of
\nwritten put option liabilities related to the Prosus group\u2019s transactions with non-controlling shareholders which are not recognised
\nin the company \ufb01nancial statements.
\n11.
Long-term liabilities
\nLong-term
\nliabilities
\nCurrent
\nportion
\nTotal
\nliabilities
\nLong-term
\nliabilities
\nCurrent
\nportion
\nTotal
\nliabilities
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nInterest-bearing:
\nLoans and other liabilities
15 255
124
15 379
15 368
124
15 492
\nTotal liabilities
15 255
124
15 379
15 368
124
15 492
\n\n\n\nInterest-bearing: Loans and other liabilities
\nCurrency
\nof year-
\nend
\nbalance
\nYear of
\n\ufb01nal
\nrepay-
\nment
\nInterest
\npayments
\nWeighted
\naverage
\nyear-end
\ninterest
\nrate
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nUnsecured
\n1
\nPublicly traded bond
\n2
\nUS$
2025
Semi-annual
5.50%
225
225
\nPublicly traded bond
\n2
\nUS$
2027
Semi-annual
4.85%
614
614
\nPublicly traded bond
US$
2030
Semi-annual
3.68%
1 250
1 250
\nPublicly traded bond
\n3
\nEUR
2028
Annual
1.54%
921
941
\nPublicly traded bond
\n4
\nEUR
2032
Annual
2.03%
813
830
\nPublicly traded bond
US$
2050
Semi-annual
4.03%
1 000
1 000
\nPublicly traded bond
US$
2051
Semi-annual
3.83%
1 500
1 500
\nPublicly traded bond
US$
2031
Semi-annual
3.06%
1 850
1 850
\nPublicly traded bond
\n5
\nEUR
2029
Annual
1.29%
1 084
1 107
\nPublicly traded bond
\n5
\nEUR
2033
Annual
1.99%
921
941
\nPublicly traded bond
US$
2027
Semi-annual
3.26%
1 000
1 000
\nPublicly traded bond
US$
2032
Semi-annual
4.19%
1 000
1 000
\nPublicly traded bond
US$
2052
Semi-annual
4.99%
1 250
1 250
\nPublicly traded bond
\n6
\nEUR
2026
Annual
1.21%
543
553
\nPublicly traded bond
\n6
\nEUR
2030
Annual
2.09%
650
664
\nPublicly traded bond
\n6
\nEUR
2034
Annual
2.78%
705
719
\nTotal facilities
15 326
15 444
\nUnamortised loan costs
(87)
(93)
\nPremium on euro bonds
\n3, 4
\n14
17
\nAccrued Interest
124
124
\n15 377
15 492
\n1 The publicly traded bonds are listed on the Irish Stock Exchange (Euronext Dublin).
\n2 The bonds maturing in 2025 and 2027 are guaranteed by Naspers Limited.
\n3
The bond maturing in 2028 was issued in two tranches. The second tranche was issued at an issue price of 102.381% (plus \u20ac1.9m representing 127-days accrued
\ninterest in respect of the period from, and including, 3 August 2020), resulting in a premium of \u20ac8.3m which is included in the fair value of the bond at initial
\nrecognition and is subsequently released over the term of the bond.
\n4
The bond maturing in 2032 was issued in two tranches. The second tranche was issued at an issue price of 103.020% (plus \u20ac1.8m representing 127-days accrued
\ninterest in respect of the period from, and including, 3 August 2020), resulting in a premium of \u20ac7.6m which is included in the fair value of the bond at initial
\nrecognition and is subsequently released over the term of the bond.
\n5 Interest on the bonds maturing in 2029 and 2033 is payable annually (in July).
\n6 Interest on the euro bonds maturing in 2026, 2030 and 2034 is payable annually (in January).
\nReconciliation of liabilities arising from \ufb01nancing activities
\nInterest-
\nbearing
\nliabilities
\nInterest-
\nbearing
\nliabilities
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nBalance at 1 April
15 492
7 875
\nNew bonds issued
\u2013
9 263
\nPremium on issued long-term liabilities
(2)
(2)
\nRepayments of bonds
\u2013
(1 361)
\nForeign exchange translation
(116)
(285)
\nInterest accrued
469
331
\nDeferred issuing costs
(4)
(52)
\nAmortisation of issuing costs
9
10
\nInterest paid
(469)
(287)
\nBalance at 31 March
15 379
15 492
\nLess: Current portion
(124)
(124)
\nNon-current liabilities
15 255
15 368
\n
\n
\n
\n
12.
Accrued expenses and other current liabilities
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nAccrued expenses
\u2013
3
\nAcquisition of Prosus shares
\n1
\n78
\u2013
\nOther
4
8
\n82
11
\n1 Relates to the share repurchase programme. Refer to note 9.
\n13.
Expenses by nature
\nSelling, general and administrative expenses include the following items:
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nOther purchases and expenses
5
12
\nTotal expenses
5
12
\nAs at 31 March 2023, the company had no permanent employees (2022: nil).
\nAuditor\u2019s remuneration is disclosed in note 14 of the consolidated \ufb01nancial statements.
\n14.
Dividend income
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nDividend received from MIH Internet Holdings B.V.
\n1
\n4 226
6 472
\nDividend income
4 226
6 472
\n1 MIH Internet Holdings B.V. declared a dividend to the company which consisted of the annual dividend received from Tencent of US$565.5m (2022: US$570.7m) and
\nthe proceeds from the sale of its 4.21% investment in JD.com of US$3.7bn which was received as a dividend in specie from Tencent. The prior year includes a
\ndividend declared from the pro\ufb01t on sale of 2% of the issued share capital of Tencent amount to US$6.4bn.
\n15.
Finance costs/income
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nInterest income
\nLoans and bank accounts
454
35
\n454
35
\nInterest expense
\nLoans and bank accounts
(497)
(353)
\n(497)
(353)
\nOther \ufb01nance income/(costs) \u2013 net
\nForeign exchange (losses)/gains on translation of assets and liabilities
(55)
190
\nFair value gains/(losses) on derivatives and other \ufb01nancial instruments
77
(221)
\nOther \ufb01nance income/(cost) \u2013 net
22
(31)
\nFinance costs \u2013 net
(21)
(349)
\n\n
\n\n
16.
Taxation
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nCurrent taxation
\u2013
(76)
\ncurrent year
\u2013
(76)
\nIncome tax credit per statement of comprehensive income
\u2013
(76)
\nReconciliation of taxation
\nPro\ufb01t before taxation
4 200
6 111
\nTaxation at statutory rate of 25.8% (2022: 25.00%)
(1 084)
(1 540)
\nAdjusted for:
\n\u2013 non-deductible expenses
\n1
\n(13)
(141)
\n\u2013 non-taxable income
\n1
\n1 090
1 635
\n\u2013 unrecognised tax losses of the company
7
46
\n\u2013 income taxes from members within the \ufb01scal unity
\u2013
(76)
\nIncome tax credit per statement of comprehensive income
\u2013
(76)
\n1 Non-deductible expenses relate primarily to the negative fair value remeasurement of derivative \ufb01nancial instruments. In the prior year these mainly concerned
\nshare-based compensation expenses. In the prior year the non-taxable income relates primarily to dividend income. The non-taxable income in the previous year
\nprimarily concerned a positive fair value adjustment of derivative \ufb01nancial instruments and dividend income.
\nAs at 31 March 2023, the company is the head of a \ufb01scal unity comprising a number of group subsidiaries for Dutch corporate
\nincome tax purposes.
\nIn terms of Dutch tax law (
Invorderingswet
), the members of the \ufb01scal unity are jointly and severally liable for the payment of any
\nDutch corporate income tax liability of the \ufb01scal unity. The company is responsible for payments to the tax authorities (if any). For
\nthe year ended 31 March 2023 the \ufb01scal unity did not have a corporate income tax liability and it has su\ufb03cient carry forward
\nlosses available to o\ufb00-set (future) taxable income.
\nTax on pro\ufb01t before taxation is calculated based on the \ufb01scal unity\u2019s pro\ufb01t before tax taking into account losses available for
\nset-o\ufb00 from previous \ufb01nancial years, the exempt pro\ufb01t components and the addition of non-deductible costs.
\nThe Dutch corporate income tax charge is calculated by applying the corporate income tax rate during this \ufb01nancial year of 25.8%
\n(2022: 25.0% and 25.8%) to the \ufb01scal pro\ufb01t of the company. Furthermore, as head of the \ufb01scal unity for corporate income tax
\npurposes, the company re\ufb02ects the recharges of the calculated tax of other participating entities in the \ufb01scal unity in line with the
\nprinciples described below.
\nDuring the previous \ufb01nancial year the company reviewed and amended its settlement principles of corporate income tax
\npositions with in the \ufb01scal unity. The company will no longer seek to recover corporate income tax from entities within the
\ncorporate function. In the \ufb01nancial year 2021, MIH Internet Holdings B.V., a direct subsidiary of the company within the corporate
\nfunction and a member of the \ufb01scal unity, recognised a \ufb01scal pro\ufb01t and accordingly an income tax expense (US$76.45m). This
\nresulted in MIH Internet Holdings B.V. owing a liability in this amount to the company, due to the company being the head of the
\n\ufb01scal unity and liable for the settlement of this income tax liability to the tax authorities.
\nAs a consequence of the amendment in the settlement principles, the income tax amounts recognised in the 2021 \ufb01nancial year
\nhave been reversed in the prior \ufb01nancial year statement of comprehensive income of the company and MIH Internet Holdings
\nB.V.
\nAs of 31 March 2023, the company has tax losses carried forward, available for set-o\ufb00 against future pro\ufb01ts of approximately
\nUS$4.3bn (2022: US$2.0bn) and unrecognised deferred tax assets on interest carried forward of US$169m.
\nThis amount is based on the assessment received from the Dutch tax authorities for the years up to and including 2019/2020, the
\n\ufb01led 2020/2021 corporate income tax return, the draft corporate income tax return 2021/2022 and management\u2019s best estimate
\nof the 2022/2023 corporate income tax position.
\nAs it is not considered probable that the company and/or the \ufb01scal unity which it forms with its group subsidiaries will generate
\ntaxable income in the future, no deferred tax asset for carry-forward losses have been recognised.
\n\n
\n
\n
17.
Cash generated from operations
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nPro\ufb01t before taxation per statement of comprehensive income
4 200
6 111
\nAdjustments:
\nNon-cash and other
24
289
\nFinance costs \u2013 net
21
291
\nOther
3
(2)
\n4 224
6 400
\nWorking capital
(18)
(102)
\nCash movement in other receivables
3
(8)
\nCash movement in trade payables and accruals
(21)
(94)
\nCash generated from operations
4 206
6 298
\n18.
Financial risk management
\nForeign exchange risk
\nRefer to note 40 of the consolidated \ufb01nancial statements for the Prosus group\u2019s foreign exchange risks policy.
\nFollowing the acquisition of the Prosus group\u2019s interests in Delivery Hero SE during the 2018 \ufb01nancial year, the group elected to
\nhedge the foreign exchange risk resulting from the di\ufb00erence between the functional currency of Delivery Hero (euro) and the
\ncurrency of the funding incurred to acquire the investment (US dollar). To hedge the exposure to the foreign currency translation
\nrisk arising on translation of the Prosus group\u2019s euro-denominated equity-accounted investment at a consolidated level, the
\ncompany entered into a cross-currency interest rate swap agreement. The cross-currency interest rate swap agreement has been
\ndesignated as a hedge of the net investment in Delivery Hero SE in the consolidated \ufb01nancial statements.
\nIn July 2021, the company issued US$1.85bn 3.061% notes due in 2031, \u20ac1.0bn 1.288% notes due in 2029 and \u20ac850m 1.985% notes
\ndue in 2033 (the bonds). The purpose of the o\ufb00erings was to raise proceeds for general corporate purposes, including debt
\nre\ufb01nancing, which took the form of a tender o\ufb00er made in relation to its bonds maturing in 2025 and 2027. Part of the notes due
\nin 2025 was linked to a cross-currency interest rate swap. Due to the part settlement of the 2025 bond notes, the company partly
\nsettled the cross-currency interest rate swap (the swap) related to the portion of the bond notes that were settled. The repayment
\nof the swap amounted to US$20m in July 2021, representing the fair value of the portion settled at that date.
\nFrom 1 April 2022, the group designated \u20ac2.0bn of the euro bonds as a hedge of the net investment in Delivery Hero SE in the
\nconsolidated \ufb01nancial statements. In March 2023, the group fully settled the cross-currency interest rate resulting in a cash receipt
\nof US$13.4m. Subsequent to the settlement, the group designated an additional \u20ac200m of the euro bond maturing in 2033 as a
\nhedge of the net investment in Delivery Hero SE in the consolidated \ufb01nancial statements. The group therefore designated a total
\nof \u20ac2.2bn of the euro bonds as a hedge of the net investment in Delivery Hero SE in the consolidated \ufb01nancial statements.
\n
\n
\n\n
Foreign currency sensitivity analysis
\nThe company\u2019s functional currency is the US dollar, but is also exposed to the euro through loan receivables that are
\ndenominated in euro.
\nThe sensitivity analysis below details the company\u2019s sensitivity to a 10% increase (2022: 10% increase) in the US dollar against the
\neuro. These percentage decreases represent management\u2019s assessment of the possible changes in the foreign exchange rates at
\nthe respective year-ends. The sensitivity analysis includes only outstanding foreign currency-denominated monetary items,
\nderivative \ufb01nancial instruments and adjustments to translation at the period-end for the above percentage change in foreign
\ncurrency rates.
\nA 10% increase (2022: 10% increase) of the US dollar against the euro would result in an increase in net pro\ufb01t after tax of
\nUS$285m (2022: US$373m increase in net pro\ufb01t after tax). The weakening of the US dollar (increase in US dollar/euro rate)
\nresulted in a US$24m decrease in net pro\ufb01t after tax for the year ended 31 March 2022 due to the cross-currency interest rate
\nswap. The cross-currency interest rate swap was settled in the year ended 31 March 2023.
\nCredit risk
\nThe company has made various loans to its subsidiaries. The maximum potential exposure to credit risk for the loan are their
\ncarrying amount. As the amounts owing are due by group companies, the impairment assessment for these related party
\nreceivables takes into account the default of the Naspers group on external debt (being the ultimate holding company able to
\nrepay debt on behalf of group companies) as well as the existence of collateral, letters of support by group companies and
\nbudgets and forecasts of group companies. As at 31 March 2023 and 31 March 2022 no impairment losses were recognised for
\namounts owing from group companies.
\nRefer to note 23 of the consolidated \ufb01nancial statements for details regarding the Prosus group\u2019s capital management policies.
\nGuarantees
\nThe company has provided a guarantee for the payment obligations of OLX Group GmbH under a lease agreement, amounting
\nto US$27.2m (2022: US$32.1m) for the period of the lease. The guarantee expires on 6 June 2029.
\nThe maximum potential exposure to credit risk for the lease amounts to US$27.2m (2022: US$32.1m). Expected credit losses for
\nthese guarantees are not material. The company has issued a declaration of joint and several liabilities for Prosus Services B.V. in
\naccordance with Article 403 of Book 2 of the Dutch Civil Code.
\nLiquidity risk
\nCarrying
\nvalue
\nUS$\u2019m
\nContractual
\ncash \ufb02ows
\nUS$\u2019m
\n0 \u2013 12
\nmonths
\nUS$\u2019m
\n1 \u2013 5
\nyears
\nUS$\u2019m
\n5 years +
\nUS$\u2019m
\n31 March 2023
\nNon-derivative \ufb01nancial liabilities
\nInterest-bearing: long-term liabilities
(15 379)
(22 168)
(475)
(4 189)
(17 504)
\nAccrued expenses and other current liabilities
(89)
(89)
(89)
\u2013
\u2013
\nDerivative \ufb01nancial assets/(liabilities)
\nForward exchange contracts \u2013 in\ufb02ow
5
215
215
\u2013
\u2013
\nForward exchange contracts \u2013 out\ufb02ow
(1)
(211)
(211)
\u2013
\u2013
\n31 March 2022
\nNon-derivative \ufb01nancial liabilities
\nInterest-bearing: Long-term liabilities
(15 368)
(22 721)
(354)
(3 673)
(18 694)
\nAccrued expenses and other current liabilities
(135)
(135)
(135)
\u2013
\u2013
\nDerivative \ufb01nancial assets/(liabilities)
\nForward exchange contracts \u2013 in\ufb02ow
27
4 769
4 769
\u2013
\u2013
\nForward exchange contracts \u2013 out\ufb02ow
(12)
(4 754)
(4 754)
\u2013
\u2013
\nCross-currency interest rate swap \u2013 in\ufb02ow
2
268
12
256
\u2013
\nCross-currency interest rate swap \u2013 out\ufb02ow
\u2013
(267)
(8)
(259)
\u2013
\nRevolving credit facility
\nThe group has an undrawn revolving credit facility (RCF) of US$2.5bn of which US$2.4bn matures in March 2028 and US$95m
\nmatures in March 2027 with the option of an extension of one year. The RCF is undrawn and is denominated in US dollar and
\neuro and bears interest at a secured overnight \ufb01nancing rate (SOFR) plus a variable mark-up based on credit rating varying
\nbetween 0.65% and 1.10% (currently 0.80%) before commitment and utilisation fees.
\nThe group has speci\ufb01c \ufb01nancial covenants in place to govern its RCF, all of which were complied with during the reporting period.
\nThese \ufb01nancial covenants are linked to various \ufb01nancial metrics including the ratio of the group\u2019s debt to the value of its
\ninvestment portfolio.
\n
\n
\n
\n
The upfront facility and arrangement fees paid in respect of the RCF are amortised over the period of the facility. The borrower is
\nobligated to pay a commitment fee equal to 35% of the applicable margin under the RCF. The undrawn balance of the RCF is
\navailable to fund future investments and development expenditure by the group. Since the RCF has been fully repaid for a number
\nof years and remain available at the balance sheet date, the facility and arrangement fees have been included in the
\nprepayments and other receivables.
\n31 March
\n2023
\nUS$\u2019m
\n2022
\nUS$\u2019m
\nFacility arrangement fees
\nFees related to revolving credit facility
64
62
\nAccumulated amortisation of fees
(56)
(50)
\n8
12
\nInterest rate risk
\nRefer to note 40 of the consolidated \ufb01nancial statements for the Prosus group\u2019s interest rate risks policy.
\nThe sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative
\ninstruments at the statement of \ufb01nancial position date and the stipulated change taking place at the beginning of the next
\n\ufb01nancial year and held constant throughout the reporting period in the case of instruments that have \ufb02oating rates. The company
\nis mainly exposed to interest rate \ufb02uctuations of the American and European repo rates. The following changes in the repo rates
\nrepresent management\u2019s assessment of the possible change in interest rates at the respective year-ends:
\nEuropean repo rate: increases by 100 basis points (2022: increases by 100 basis points).
\nAmerican and European interbank rates: increases by 100 basis points each (2022: increases by 100 basis points each).
\nInterest sensitivity analysis
\nIf interest rates change as stipulated above and all other variables were held constant, speci\ufb01cally foreign exchange rates, the
\ncompany\u2019s pro\ufb01t after tax for the year ended 31 March 2023 would increase by US$nil (2022: US$12m).
\n\n
\n
\n19.
Fair value of \ufb01nancial instruments
\nThe carrying values, net gains or losses recognised in pro\ufb01t and loss, total interest income, total interest expense and impairment
\nper class of \ufb01nancial instrument are as follows:
\n31 March 2023
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecog\u2013
\nnised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nImpair\u2013
\nment
\nUS$\u2019m
\nTotal
\ninterest
\nincome
\nUS$\u2019m
\nTotal
\ninterest
\nexpense
\nUS$\u2019m
\nAssets
\nAmounts due from group companies
2 616
(48)
\u2013
51
\u2013
\nInvestments at fair value through other
\ncomprehensive income
206
\u2013
\u2013
\u2013
\u2013
\nDerivative \ufb01nancial instruments
5
\u2013
\u2013
\u2013
\u2013
\nOther receivables
45
\u2013
\u2013
\u2013
\u2013
\nShort-term investments
6 709
(42)
\u2013
160
5
\nCash and cash equivalents
8 046
(28)
\u2013
243
7
\nTotal
17 711
(118)
\u2013
454
12
\nLiabilities
\nLong-term liabilities
15 255
115
\u2013
\u2013
478
\nAmounts due to group companies
6
3
\u2013
\u2013
\u2013
\nDerivative \ufb01nancial instruments
1
\u2013
\u2013
5
\u2013
\nAmounts due to tax authorities
59
\u2013
\u2013
\u2013
\u2013
\nAccrued expenses and other current liabilities
211
(3)
\u2013
\u2013
\u2013
\nTotal
15 532
115
\u2013
5
478
\nThe carrying values, net gains or losses recognised in pro\ufb01t or loss, total interest income, total interest expense and impairment of
\neach class of \ufb01nancial instrument are as follows:
\n31 March 2022
\nCarrying
\nvalue
\nUS$\u2019m
\nNet
\ngains/
\n(losses)
\nrecog\u2013
\nnised
\nin pro\ufb01t
\nor loss
\nUS$\u2019m
\nImpair\u2013
\nment
\nUS$\u2019m
\nTotal
\ninterest
\nincome
\nUS$\u2019m
\nTotal
\ninterest
\nexpense
\nUS$\u2019m
\nAssets
\nAmounts due from group companies
2 735
(13)
\u2013
8
\u2013
\nInvestments at fair value through other
\ncomprehensive income
385
\u2013
\u2013
\u2013
\u2013
\nDerivative \ufb01nancial instruments
27
12
\u2013
\u2013
\u2013
\nOther receivables
2
\u2013
\u2013
\u2013
\u2013
\nShort-term investments
3 924
(63)
\u2013
9
2
\nCash and cash equivalents
8 318
(30)
\u2013
19
5
\nTotal
15 391
(94)
\u2013
36
7
\nLiabilities
\nLong-term liabilities
15 368
68
\u2013
\u2013
362
\nDerivative \ufb01nancial instruments
77
5
\u2013
\u2013
\u2013
\nAmounts due to group companies
12
\u2013
\u2013
7
\u2013
\nAccrued expenses and other current liabilities
135
8
\u2013
\u2013
\u2013
\nTotal
15 592
81
\u2013
7
362
\n
\n
\n\n
The carrying values of all \ufb01nancial instruments, apart from those disclosed below, are considered to be a reasonable
\napproximation of their fair values.
\nThe fair values of the following instruments that are not measured at fair value have been disclosed as their carrying values are
\nnot a reasonable approximation of fair value:
\nFinancial liabilities
\nCarrying
\nvalue
\nUS$\u2019m
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\n31 March 2023
\nPublicly traded bonds
15 377
12 009
\u2013
12 009
\u2013
\n31 March 2022
\nPublicly traded bonds
15 492
13 056
\u2013
13 056
\u2013
\nThe fair values of the publicly traded bonds have been determined with reference to the listed prices of the instruments at the
\nreporting date. As the instruments are not actively traded, this is a level 2 disclosure. Refer to note 41 of the consolidated \ufb01nancial
\nstatements for the valuation techniques and inputs used in the fair value measurement.
\nThe publicly traded bonds are listed on the Irish Stock Exchange (Euronext Dublin). The company categorises fair value
\nmeasurements into levels 1 to 3 of the fair value hierarchy based on the degree to which the inputs used in measuring fair value
\nare observable. Refer to note 41 of the consolidated \ufb01nancial statements for details of valuation techniques and key inputs used
\nto measure signi\ufb01cant level 2 fair values.
\nThe fair values of the company\u2019s \ufb01nancial instruments that are measured at fair value at each reporting period are categorised
\nas follows:
\nFair
\nvalue
\nUS$\u2019m
\nLevel 1
\nUS$\u2019m
\nLevel 2
\nUS$\u2019m
\nLevel 3
\nUS$\u2019m
\n31 March 2023
\nAsset/(liability)
\nFinancial assets at fair value through
\nother comprehensive income
\n1
\n206
\u2013
\u2013
206
\nForeign exchange contracts
5
\u2013
5
\u2013
\nCash and cash equivalents
\n2
\n447
\u2013
447
\u2013
\n31 March 2022
\nAsset/(liability)
\nFinancial assets at fair value through
\nother comprehensive income
\n1
\n385
\u2013
\u2013
385
\nForeign exchange contracts
15
\u2013
15
\u2013
\nCash and cash equivalents
\n2
\n928
\u2013
928
\u2013
\nCross-currency interest rate swap
2
\u2013
2
\u2013
\n1 Relates to the fair value of the residual interest in the Naspers group. Refer to note 5 in the consolidated \ufb01nancial statements for details of the measurement.
\n2 Relates to short-term bank deposits which are money market funds held with major banking groups and high-quality institutions that have AAA money market fund
\ncredit ratings from internationally recognised rating agencies.
\n20.
Subsequent events
\nRefer to note 44 of the consolidated \ufb01nancial statements for the subsequent events of the Prosus group.
\n\n\n\n
21.
Proposal for pro\ufb01t allocation
\nThe board recommends that, in total, shareholders receive a distribution (in the form of a capital repayment for holders of
\nordinary shares N and a dividend for holders of ordinary shares B and ordinary shares A1) of approximately \u20ac175m, which
\ncurrently represents an increase of approximately 7% for free-\ufb02oat shareholders. Holders of ordinary shares B and ordinary
\nshares A1 will receive an amount per share equal to their economic entitlement as set out in the articles of association.
\nFurthermore, the board recommends that those holders of ordinary shares N as at 3 November 2023 (the dividend record date)
\nwho do not wish to receive a capital repayment, can choose to receive a dividend instead. A choice for one option implies an
\nopt-out from the other. If con\ufb01rmed by shareholders at the annual general meeting on 23 August 2023, elections to receive a
\ndividend instead of a capital repayment will need to be made by holders of ordinary shares N by 20 November 2023. More
\ninformation regarding the distribution will be published in the notice of annual general meeting.
\nCapital repayments and dividends will be payable to shareholders recorded in our books on the dividend record date and paid
\non 28 November 2023. Capital repayments will be paid from qualifying share capital for Dutch tax purposes. No dividend
\nwithholding tax will be withheld on the amounts of capital reductions paid to shareholders. However, if holders of ordinary
\nshares\u00a0N rather elect to receive a dividend from retained earnings, dividends will be subject to the Dutch dividend withholding
\ntax\u00a0rate of\u00a015%.
\nDividends payable to holders of ordinary shares N who elect to receive a dividend and who hold their listed ordinary
\nshares\u00a0N\u00a0through the listing of the company on the JSE will, in addition to the 15% Dutch dividend withholding tax, be subject
\nto\u00a0South African dividend tax at a rate of up to 20%. The amount of additional South African dividend tax will be calculated by
\ndeducting from the 20%, a rebate equal to the Dutch dividend tax paid in respect of the dividend (without right of recovery).
\nShareholders holding their listed ordinary shares N through the listing of the company on the JSE, unless exempt from paying
\nSouth African dividend tax or entitled to a reduced withholding tax rate in terms of an applicable tax treaty, will be subject to
\na\u00a0maximum of\u00a020% South African dividend tax.
\nAmsterdam
\n26 June 2023
\nExecutive directors
\nBob van Dijk
\nBasil Sgourdos
\nNon-executive directors
\nJP Bekker
\nS Dubey
\nHJ du Toit
\nCL Enenstein
\nM Girotra
\nRCC Jafta
\nAGZ Kemna
\nFLN Letele
\nD Meyer
\nR Oliveira de Lima
\nSJZ Pacak
\nMR Sorour
\nJDT Stofberg
\nY Xu",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:635400Z5LQ5F9OLVT688",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}