This prosus ceo is seriously overpaid!
The tencent investment was made by Koos Bekker. He inherited it. The ingham analytics assessment is particularly damming. How do you pay out $250m for this rubbish? Shocking results. Everything is losing money. And more losses than previous year. Tencent is a life saver.
Prosus has a 31.2% shareholding in Tencent. Consolidated on that basis Ingham Analytics say that Tencent accounted for 122% of Prosus trading profit (up from 116%) and 112% of core earnings (up from 107%). Core earnings, excluding non-cash adjustments, increased by 11% in US dollars, driven by Tencent. The other assets lost a collective $440 million (an 88% increase from $234 million). EPS grew by only 9% – hardly the stuff of a supposed tech group seeking a premium rating.
Ingham Analytics reiterate that Prosus continues to not only lose money but also hemorrhage cash. Net cash used in operating activities before dividends received (from Tencent) was $591 million – up 21% from $487 million. Thanks to dividends received of $383 million the net cash outflow was reduced to $209 million, but still up from $145 million.