About this report
Integrated thinking guides how we create and sustain value across multiple capitals - a process adopted by our board and senior management in their holistic approach to managing the group. We consider the capitals we use and impact, namely financial, technology and platforms, industry expertise, our people, customer and supplier relationships, and corporate citizenship in our strategic decision-making at group and board levels.
What value means to MultiChoice
We seek to create and enhance long-term sustainable value for our stakeholders. For us, this means:
- Aggregating and distributing the content valued by our customers in a way that is convenient, easily accessible and cost-effective
- Providing an environment that rewards growth and provides development for our people
- Nurturing long-standing and mutually beneficial relationships with our partners and suppliers
- Meaningfully contributing to the industry and communities where we operate
- Generating sustainable economic value for our shareholders over the long term
Scope, boundary and audience
The scope of this report comprises MultiChoice Group Limited and its subsidiaries (together MultiChoice, MultiChoice Group or the group).
We report on how we create value for our material stakeholders, focusing on providers of financial capital. We are committed to integrated and balanced reporting on our strategic objectives, material matters and how we are governed. We strive to provide a comprehensive view of our financial and non-financial performance, and the sustainability of our business.
Basis of preparation
We present our integrated annual report for the financial year from 1 April 2020 to 31 March 2021 (referred to as FY21). Comparative financial information for FY20 is included where relevant.
The content of this report was guided by the following frameworks and regulations:
- International Integrated Reporting Council's Integrated
Reporting <IR> Framework
- King Report on Corporate Governance™ for South Africa,
2016 (King IV)(1)
- The requirements of the Companies Act No 71 of 2008,
as amended (Companies Act)
- The JSE Limited Listings Requirements (JSE Listing Requirements)
Assurance and responsibility
The information in this report was reviewed by the audit committee and approved by the board.
The summarised consolidated financial information in this report was extracted from the audited consolidated annual financial statements for the year ended 31 March 2021 and is accurately reflected.
Refer to the full annual financial statements for the auditor’s report on the group’s unmodified consolidated annual financial statements.
The full annual financial statements are available for perusal on our website www.investors.multichoice.com/annual-results and at our registered office on arrangement with the company secretary.
EmpowerLogic verified all broad-based black economic empowerment (BBBEE) information in this report.
The board acknowledges its responsibility to ensure the integrity of the integrated annual report. This report was approved by the board on 10 June 2021. The board applied its collective mind and believes the integrated annual report and financial statements fairly reflect, in its opinion, the true financial position of the group as at 31 March 2021 and that of its operations during the past financial year. Further, the board believes this report addresses all material issues and how they relate to the MultiChoice Group's ability to create and sustain value in the short, medium and long term.
|On behalf of the board||On behalf of the audit committee|
Audit committee chair
|10 June 2021||10 June 2021|
The group chief executive officer (CEO) and group chief financial officer (CFO) confirm that:
- The summarised consolidated annual financial information and the full consolidated annual financial statements on the group's website fairly present, in all material respects, the group's financial position, financial performance and cash flows in terms of IFRS
- No facts were omitted nor untrue statements made that would make the annual financial statements false or misleading
- Internal financial controls were implemented to ensure that material information relating to the group and its consolidated subsidiaries was provided to effectively prepare its financial statements
- The internal financial controls are adequate and effective and can be relied upon to compile the annual financial statements. We have fulfilled our role and function within the combined assurance model pursuant to principle 15 of King IV. Where we are not satisfied, we disclosed the deficiencies in design and operational effectiveness of the internal financial controls. Any fraud involving directors was reported to the audit committee and the auditors, and we took the necessary remedial action.
10 June 2021 10 June 2021
Our reporting suite
Our 2021 integrated annual report is our key report to our stakeholders, providing a holistic view of our business, strategy, performance and value creation.
This report should be read in conjunction with our full consolidated annual financial statements, which provide a more detailed understanding of our business's financial performance.
Further, we endeavour to engage with our stakeholders through regular reports, including our annual social report, biannual results announcements and various updates during the year.
This information can be accessed at www.investors.multichoice.com.
Our other reports
- Summary consolidated financial statements for FY21 and notice of annual general meeting (AGM) (our annual results booklet)
- King IV application report
- Social report
- Interim and annual results
We welcome our stakeholders to connect with us on
We encourage and value feedback on this report. Feedback can be sent to email@example.com.
Summarised forward-looking statements
Many proclamations in this integrated annual report constitute forward-looking statements - they represent the group's judgements and future expectations. However, these statements do not guarantee our future performance. Words such as 'believe', 'anticipate', 'intend', 'seek', 'will', 'plan', 'could', 'may', 'endeavour' and similar expressions are intended to identify such forward-looking statements.
MultiChoice faces risks, challenges and uncertainties outside of its control. These challenges may lead to unforeseen outcomes for the group. This report does not give any assurance that forward-looking statements will prove to be correct, and investors are cautioned not to place undue reliance on any forward-looking statement in this report. Our auditors did not review or report on any forward-looking statements.