Introduction About this report Scope, boundary and audience This report discloses information about MultiChoice SA Holdings Proprietary Limited and its subsidiaries (MultiChoice SA), as well as Phuthuma Nathi Investments (RF) Limited (Phuthuma Nathi), MultiChoice SA’s broad-based black economic empowerment (BBBEE) share scheme. We present our integrated annual report for the nancial year from 1 April 2022 to 31 March 2023 (referred to as FY23). The purpose of this report is to share with our Phuthuma Nathi shareholders how we aim to create value over the short, medium and long term in MultiChoice SA and how that value translates into tangible bene ts for Phuthuma Nathi shareholders. Basis of preparation The content of the integrated annual report was guided by the following frameworks: • International Integrated Reporting Council’s Integrated Reporting <IR> Framework • The King IV Report on Corporate Governance™ for South Africa, 2016 (King IV)* • The requirements of the Companies Act No 71 of 2008, as amended (Companies Act) Key terms Phuthuma Nathi Refers to Phuthuma Nathi Investments (RF) Limited (MultiChoice SA’s BBBEE share scheme). The only investments held by Phuthuma Nathi are the shares held in MultiChoice South Africa. MultiChoice SA, the company or the group Refers to MultiChoice SA Holdings Proprietary Limited and its subsidiaries. MultiChoice Group Refers to MultiChoice Group Limited, the holding company of MultiChoice SA. Broad-based black economic empowerment (BBBEE) BBBEE is a government policy designed to advance economic transformation and enhance the economic participation of black people (African, coloured and Indian South African citizens) in the South African economy. Corporate social investment (CSI) Our investment in social development through the provision of services, cash funding and other resources to support community upliftment. Shares and shareholders A share is a unit of ownership in a company and a shareholder is the owner of a share. Shareholders can earn income from their shares in the form of dividends or capital appreciation. Dividends If a company is profitable, has positive reserves and is liquid and solvent, the directors of the company may choose to pay out a portion of the profit to shareholders in a payment called a dividend. This decision is subject to the circumstances and outlook a company faces at a point in time, and directors must satisfy certain rules before authorising a dividend. Financial year (FY) The 12-month period a company uses to calculate its profit and income tax. For MultiChoice SA and Phuthuma Nathi, the 2023 financial year is from 1 April 2022 to 31 March 2023 and is referred to as FY23. YoY A year-on-year movement, e.g. showing the growth rate from the prior year to the current year. Johannesburg Stock Exchange (JSE) The JSE is the oldest existing and largest stock exchange in Africa. For any company listed on the JSE, shares in the company can be bought by and sold to any person within the constraints of the law and the JSE Listings Requirements. Equity Express Securities Exchange (EESE) EESE is the first independent black-owned equity exchange in South Africa. The exchange was created to support BBBEE schemes and specifically caters for companies with restrictions on trading their shares. Unlike open stock exchanges, such as the JSE, the EESE has restrictions on who can participate to support companies’ transformation goals. * Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 4
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