Leadership reviews

Chair

Koos Bekker

Interim chief executive

Ervin Tu

Chief financial officer

Basil Sgourdos

Chair's review
Interim chief executive’s review
Chief financial officer’s review

Technology helps us to create long-term value for shareholders by improving the everyday lives of billions of people.

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The power of technology is driving change in the world and Prosus is at the heart of this change.

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Decisive management actions in the previous review period led to consolidated profitability in the second half of the financial year, confirming our stated commitment to stakeholders.

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Group overview

We are a global technology group with businesses and investments in growth markets around the world.

We aim to be one of the pre-eminent owners of exceptional technology businesses globally.

As a group, we build world-changing businesses that delight their customers and help their communities thrive. We empower our teams to develop their skills and build meaningful careers. We create long-term value for our shareholders and our many other stakeholders.

Ecommerce

Our businesses in Food Delivery, Payments and Fintech, Classifieds and Edtech recorded profit of US$110m in FY24, versus a loss of US$264m in FY23.

Catalysts for value creation

Achieved Ecommerce profitability; value-accretive open-ended share repurchase; Tencent share price growth; simplified group structure; building a repeatable process of investing towards crystallisation and return.

Solid financial position

Net cash and excellent liquidity are strategic advantages in the current environment.

Highlights

We estimate that
one-quarter of the world’s population

use the products and services of businesses we have built, acquired or invested in. Many use more than one of the products and services.

Snapshot FY24

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>550 data scientists now part of the Prosus AI community

  • >13 000 associates have the Prosus AI Assistant available
  • Deployed GenAI across a wide range of use cases. iFood has deployed a GenAI-powered assistant to further support the work of customer service teams, increasing customer satisfaction by 36%. OLX uses automatic image detection for moderation, resulting in over 98% automation

The Science Based Targets initiative (SBTi) has verified our group reduction targets

  • This confirms that our climate change commitments are aligned with the Paris Agreement
  • A 100% reduction in absolute scope 1 and 2 GHG emissions by FY28 from FY20 base year, in line with a 1.5°C climate scenario
  • Reduce our absolute corporate scope 3 GHG emissions from air business travel by 30% by FY30 from FY20 base year
  • Committed to ensuring that over 50% of our portfolio companies, measured by invested capital, will have set their own science-based reduction targets by FY30

Path to profitability

  • Ecommerce profitability and cash flow generation achieved six months ahead of our stated timeline

A diverse team of 31 people in data privacy roles in 10 jurisdictions across the globe

  • Prosus is a foundational supporter of the new AI governance professional certification
  • 40 professionals across our group are preparing to obtain this certification with dedicated support from the Prosus privacy office and Prosus AI team

Our culture – Connect. Build. Thrive.

  • Refined and flattened our organisational structure which better aligns with our strategy for sustainable growth
  • Team and culture play a critical role in achieving our long-term goals and reigniting our legacy of building and investing in exceptional businesses for sustainable returns

Total taxes paid US$1.2bn

  • Direct taxes levied: US$845m and indirect taxes collected: US$367m
  • Prosus' approach to tax centres around paying taxes in the countries where we operate

Some 43% increase in Prosus dividend to free-float shareholders

  • The board recommends that holders of ordinary shares N receive a distribution of 10 euro cents
  • Holders of ordinary shares B and ordinary shares A1 will receive an amount per share equal to their economic entitlement as set out in the articles of association

Value creation for the group in terms of the share-repurchase programme: US$30bn

  • Tencent's share buyback programme should result in the group increasing net asset value per share
  • Increase of 8.2% in NAV per share for shareholders since the beginning of the repurchase programme
  • Ongoing repurchase programme to continue

Fabricio Bloisi appointed as chief executive

  • Appointed new chief executive effective 1 July 2024
  • Reviewed and interviewed some 60 high quality internal and external candidates, each with their own unique strengths and merits
  • Ervin Tu will take on the new role of president and CIO

Strong financial performance

Revenue1 (US$’m)

Strong financial performance

Trading profit1 (US$’m)

Snapshot FY24

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1  Presented on an economic-interest basis from continuing operations.

We focus on high-growth markets and business models that we know well.

Sector overview

Path to profitability

Long-standing partnerships

Sustainability

Our culture

GenAI

Returning value to shareholders

  • Path to profitability
  • Long-standing partnerships
  • Sustainability
  • Our culture
  • GenAI
  • Returning value to shareholders

We have a long history of investing and building businesses, then highlighting value. It is in our DNA to look for new opportunities, see the potential others are not seeing and then to do the hard work of building and bringing businesses to scale and profitability.

We build long-term partnerships with the companies we invest in, to help them reach their potential and to create the most value for our stakeholders. We pick our partners carefully and spend a lot of time and energy making sure we’re right for each other.

We're responsible – this is a core value in the Prosus group, from the way we transact with billions of customers, to our business and partner relationships, and to honouring our obligations to the governments and regulatory systems of countries in which we operate.

Prosus is the holding company of a global portfolio of operating companies, many of which are in highgrowth emerging markets. We are also one of the largest technology investors in the world. We embrace this duality because we believe a holding company that both operates and invests is the ultimate valuecreation engine in technology.

Artificial intelligence (AI) exploded into the global public consciousness in 2023 when generative AI or GenAI became part of the everyday lexicon. In the business world, AI also took centre stage with R&D spending funnelled into AI projects and investments flowing into AI start-ups as the scale and breadth of the opportunity became apparent.

We have great confidence in Tencent’s long-term prospects and the execution of the buyback programme will result in the group increasing net asset value per share.

Structure fit for today’s purpose

We have refined our organisational structure into one that is fit for today's purpose and our strategy for the long term, which is to be an insightful capital allocator and operator across exceptional businesses.

Our group includes some of the best-loved local consumer internet companies in around 80 countries, spanning the Americas to Asia, Europe to South Africa.

Food Delivery

Classifields

Payments and Fintech

Edtech

Etail – eMAG

Ventures

Social and internet platforms

  • Food Delivery
  • Classifields
  • Payments and Fintech
  • Edtech
  • Etail – eMAG
  • Ventures
  • Social and internet platforms

Our portfolio of food-delivery businesses allows customers to order their favourite food online and via apps for convenient delivery wherever they are.

Revenue1
US$4.9bn

up 16% (19%)

Trading loss1
US$158m

down 76% (76%)

Employees
5 215

OLX serves tens of millions of people every month, helping people buy and sell cars, find housing, get jobs, and buy and sell household goods.

Revenue1
US$951m

up 26% (19%)

Trading profit1
US$187m

up >100% (>100%)

Employees
2 811

PayU enables business to collect digital payments across +150 online payment methods, including credit cards, debit cards, wallets, QR and more. It is a leading payment service provider in India with an emerging presence in south-east Asia though Red Dot Payment. PayU’s credit division helps online merchants to offer buy-now/pay-later (BNPL) and other consumer credit options.

Revenue1
US$1.3bn

up 24% (39%)

Trading loss1
US$59m

down 49% (61)

Employees
3 553

To date, we have invested over US$3.9bn in 12 businesses. Many of our edtech companies are deploying GenAI technologies in their platforms to enhance the learning experience for their users.

Revenue1
US$444m

down 19% (organically up 7%)

Trading loss1
US$80m

down 69% (44%)

Employees
677

eMAG is an ecommerce leader in Central and Eastern Europe.

Revenue1
US$2.2bn

up 14% (8%)

Trading loss1
US$36m

down 43% (44%)

Employees
8 041

Our Ventures arm partners with entrepreneurs to build prominent technology companies, aiming to fuel the next wave of growth for the group.

Revenue1
US$556m

down 10% (6%)

Trading loss1
US$129m

down 52% (49%)

Employees
585

Prosus holds an investment in Tencent, China’s largest and most-used internet services platform.

Revenue1
US$21.4bn

down 4% (organically up 10%)

Trading profit1
US$6.2bn

up 22% (40%)

1  Presented on an economic-interest basis from continuing operations.