Annual report 2023


Annual report

Improving everyday life for billions of people through technology

  • Chair’s review
  • Chief executive’s review
  • Chief financial officer’s review

Chair’s review

Chair’s review

In the face of uncertainty, we tried to maintain our focus and our purpose. As a consumer internet group and one of the largest technology investors, we are helping to bring the benefits of a digital world to our customers. We do this in the core segments of Food Delivery, Classifieds, Payments and Fintech, and Edtech, where we aim to build useful ecosystems.

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Koos Bekker


Chief executive’s review

Chief executive’s review

Our approach is founded on a multigenerational record of innovation, adaptation and reinvention. We understand the opportunity and importance of solving everyday problems for customers. Equally, we understand that local entrepreneurs are often best placed to do this.

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Bob van Dijk

Chief executive

Chief financial officer’s review

Chief financial officer’s review

The operating environment in the fiscal year ended 31 March 2023 remained difficult and continued to be characterised by geopolitical and macroeconomic uncertainty. Amid that uncertainty, the group leveraged its strong financial footing and remained focused on building long-term sustainable value in local marketplaces across its main segments. After years of investment and growth, these segments have scaled meaningfully, creating clear paths to profitability for each. The group is committed to achieving consolidated Ecommerce profitability in the first half of FY25 while maintaining industry-leading levels of growth. We believe this will form a strong basis to continue delivering long-term value to our shareholders.

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Basil Sgourdos

Chief financial officer

We are a global consumer internet group operating across platforms and geographies, and one of the largest technology investors in the world.

As a group, we build useful products for over two billion 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.

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Proven core businesses

Our core businesses in Food Delivery, Payments and Fintech, Classifieds and Media recorded profits of US$144m in FY23, improving from US$112m in FY22

Catalysts for value creation

Accelerate Ecommerce profitability; continue open-ended share repurchase; expect strong recovery from Tencent; simplify group structure; build a repeatable process of investing towards crystallisation and return

Solid financial position

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

Snapshot FY23

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A reduction in the holding company discount 16 percentage points

  • Repurchased US$10.5bn Prosus and Naspers shares since June 2022
  • 152 797 117 ordinary shares N repurchased
  • 4 152 285 Naspers N ordinary shares purchased
  • NAV per share accretion1 of 4.5%

Revenue2 from continuing operations US$32.2bn

  • 23% growth on revenue from our consolidated Ecommerce business
  • Trading loss from our consolidated Ecommerce business widened by US$95m

Support to those impacted by the war in Ukraine

  • Renounced the group’s interest in VK
  • Disposed of Avito on 14 October 2022 for RUB151bn (US$2.4bn) to Kismet Capital Group
  • We allocated US$4.5m to Tvoya Opora and US$2.5m to the Kolo Charitable Foundation to procure medical supplies and equipment

Commitment to profitability

  • Commitment to deliver consolidated Ecommerce trading profit in the first half of FY25

We developed our climate targets by applying the Science-based Targets initiative’s (SBTi) guidance

  • Implemented actions towards absolute reductions of scope 1 and 2 emissions to zero (for Prosus corporate entities). Improved GHG reporting by including scope 3
  • We developed group principles and approaches to help our subsidiaries and associates develop impactful packaging strategies

Diversity and inclusion training cascaded to all group companies

  • Employee inclusivity is core to our success as a business

Total taxes paid US$1.1bn

  • Direct taxes levied: US$729m and indirect taxes collected: US$391m
  • Prosus’ approach to tax centres around paying taxes in the countries where we operate

Prosus FLIGHT supports 750 women and girls to acquire skills to participate in India’s digital economy

  • Prosus FLIGHT aims to create a network of female graduates who can become role models for other young women
  • Human rights statement reinforced with all our group companies

Cost-saving initiatives

  • Reduction in corporate workforce by 30% and broader action to reduce other significant costs

>500 data scientists now part of the Prosus AI community

Strong financial performance

Revenue2 (US$’m)

Strong financial performance

Trading profit2 (US$’m)

Snapshot FY23

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1 NAV per-share accretion includes all per-share enhancing actions: the Prosus repurchase programme and Naspers purchase programme initiated in FY21, the voluntary share exchange programme executed in FY22, the Prosus share repurchase initiated in FY22 and open-ended share repurchase programme initiated in FY23.

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

Improving everyday life and our impact


Artificial intelligence

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Returning value to shareholders

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Segment overview

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

Our group includes some of the best-loved local consumer internet companies in around 100 countries, spanning the Americas to Asia, Europe to South Africa.

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  • Food Delivery
  • Classifieds2
  • Payments and Fintech
  • Edtech
  • Etail
  • Other ecommerce: Ventures
  • Social and internet platforms

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

2 From 1 March 2023, following the group’s decision to exit the OLX Autos business unit, its operations are classified as held for sale and those that have been closed by 31 March 2023 were presented as a discontinued operation. In May 2022, as a result of the continued conflict in the region, the group announced its decision to exit its Russian business. Accordingly, Avito was presented as a discontinued operation.

Food Delivery

Food Delivery

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



up 40% (44%)

Trading loss1


down > 10% (12%)


5 210



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



up 19% (42%)

Trading loss1


up >100% (>100%)


4 500

Payments and Fintech

Payments and Fintech

PayU is an online payment services platform that has processed more than US$78bn payment volumes globally and is a payment gateway for merchants in high-growth markets as well as large international companies.

PayU operates on four continents, in 17 high-growth markets and offers over 300 payment options.



up 32% (51%)

Trading loss1


up 93% (72%)


3 447



We reach 90% of Fortune 100 companies across our corporate learning platforms. We also have a strong presence in K–12 (kindergarten to grade 12) in key markets.



up 28% (18%)

Trading loss1


up >100% (54%)





eMAG is an ecommerce leader in Central and Eastern Europe.



down 14% (4%)

Trading loss1


up 80% (80%)


7 698

Other ecommerce: Ventures

Other ecommerce: Ventures

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



up 63% (67%)

Trading loss1


down 34% (22%)



Social and internet platforms

Social and internet platforms

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



down 12% (1%)

Trading profit1


down 19% (9%)

Administration and corporate information

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

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

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

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

Independent auditor
PricewaterhouseCoopers Accountants N.V.
Thomas R. Malthusstraat 5
1066 JR Amsterdam
The Netherlands

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

Euronext paying agent
Corporate broking and issuer services
HQ 7212
Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands

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

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

JSE sponsor
Investec Bank Limited
(Registration number: 1969/004763/06)
PO Box 785700
Sandton 2146
South Africa
Tel: +24 (0) 11 286 7326
Fax: +27 (0)11 286 9986

ADR programme
The Bank of New York Mellon maintains a GlobalBuyDIRECTSM plan for Prosus N.V. For additional information, please visit The Bank of New York Mellon’s website at or call Shareholder Relations at 1-888-BNY-ADRS or 1-800-345-1612 or write to: The Bank of New York Mellon, Shareholder Relations Department – GlobalBuyDIRECTSM Church Street Station, PO Box 11258 New York, NY 10286-1258

Allen & Overy LLP
Apollolaan 15
1077 AB Amsterdam
The Netherlands

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