(Incorporated in the Republic of South Africa)
(Reg. no 1925/001431/06)
Share code: NPN
Shareholders are advised that headline earnings per share for the financial year ending 31 March
2005 is anticipated to increase to between 750 cents and 810 cents and earnings per share between
920 and 950 cents. This exceptional growth, off a low base, is partly due to the technical application
of South African Statements of Generally Accepted Accounting Practice (GAAP) relating to the
creation of deferred tax assets, which gave a once-off boost to earnings and headline earnings. In
addition, we benefited from the turnaround in the profitability of our Greek pay-television operations
and the buoyant economic conditions in the major markets in which we operate.
The board cautions shareholders regarding an optimistic outlook of future of earnings and headline
earnings growth as it is difficult to determine how long favourable economic conditions will
continue. In addition, some of our businesses are mature or maturing and some earnings generated
this year by the technical application of GAAP are unlikely to recur.
The financial information on which this trading statement is based has not been reviewed or reported
on by the company’s auditors. Further details will be provided in the year-end results of Naspers,
which are due to be published on or about 29 June 2005.
20 May 2005
Sponsor: Investec Bank Limited