The board is also responsible for the integrity of integrated reporting. The audit committee has been tasked to oversee sustainability issues in the integrated annual report and will assist the board in its review by ensuring the information is reliable and that no conflicts or differences arise when compared to the financial results.
To ensure an integrated and group-wide view of the sustainability aspects of our operations, we are consolidating these into a single platform, naspers.org. In time naspers.org will harness the group’s strengths in media and technology to build products and advocate for policies that address global challenges.
While this initiative is still young, our vision is that naspers.org projects will concentrate on addressing social issues and serving the public good. Where practical we will draw on synergies between group businesses to develop solutions to global challenges such as education. We will focus on activities that capitalise on Naspers’s expertise, global infrastructure and ability to innovate.
The Naspers board determines the business strategy and is ultimately responsible for oversight of our group’s performance. Management teams across our businesses provide leadership and implement strategies, guided by the group’s code of ethics and business conduct.
Our sustainable development framework flows from our values and a clear understanding of the key concerns of material stakeholders. These link to our risk management processes, which integrate financial and non-financial risk identification, management and monitoring.
PERFORMANCE IN CONTEXT
Over the past year the Naspers group continued to expand. In comparison to developed countries, most emerging markets in which we operate survived the global economic downturn reasonably well.
For the year under review Naspers recorded an 18% increase in consolidated revenues to R33bn. Consolidated trading profit advanced 7% to R5,8bn, while core headline earnings grew 13% to R6bn. Our financial performance is analysed in the review. Read financial review
The internet businesses in emerging markets continued their strong growth by introducing accessible, reliable and convenient services to users. As a result consumer trust in transacting on these platforms is increasing. Our pay-television operations grew well, while the technology businessreturned to operational profitability. However, print businesses globally, including our own, lagged due to slower growth in advertising revenues.