Notes to the summary annual financial statements as at 31 March 2023 2. Investment in associate The company’s total investment in MCSAH is 25% (2022: 25%) as at the end of the nancial period. The principal activities of MCSAH is the operation of video-entertainment services both via satellite and online platforms. This is an unlisted investment that is accounted for using the equity method of accounting. Group and Company 2023 ZAR’000 2022 ZAR’000 Movement in carrying amount At the beginning of the year 6 684 423 6 638 918 Share of net pro t 1 008 649 1 604 497 Share of changes in other reserves 337 962 (58 992) Dividends received (1 500 000) (1 500 000) 6 531 034 6 684 423 Analysis of carrying amount Cost 2 250 000 2 250 000 Additional investment 2 364 075 2 364 075 Share of equity accounted results of associate (1 641 078) (1 149 728) Share of changes in associate's other comprehensive income 2 707 030 2 369 069 Gain on empowerment transaction 851 007 851 007 At the end of the year 6 531 034 6 684 423 Reconciliation of carrying amount Share of net assets of associate 3 265 993 3 174 191 Notional goodwill on initial acquisition 1 910 000 1 910 000 Fair value uplift on net identi able assets 1 267 071 1 512 262 Notional goodwill on additional investment 87 970 87 970 Carrying amount 6 531 034 6 684 423 There has been no objective evidence of impairment of the associate in the current or prior years. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 25 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information
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