Financial review Summary annual financial statements continued Notes to the summary financial statements continued for the year ended 31 March 2023 3. Interest (expense)/income and net foreign exchange translation losses 2023 ZAR’000 2022 Represented* ZAR’000 Interest expense Loans and bank accounts(1) (193) (68) Lease liabilities(2) (343) (336) Other(3) (378) (199) (914) (603) (1) Relates to general banking facility (GBF) interest repayments. (2) Relates primarily to transponder leases of ZAR336m (FY22: ZAR328m). (3) Relates to content nance charges amounting to ZAR203m in FY23 (FY22: ZAR144m) and interest relating to tax authorities of ZAR44m in FY23 (FY22: ZARnil). 2023 ZAR’000 2022 Represented* ZAR’000 Interest income Bank accounts(1) 778 372 Other 25 21 803 393 (1) Mainly due to increase in cash pool received from Treasury and higher interest rates in FY23. A signi cant portion of the group’s operations are exposed to foreign exchange risk. The table below presents the net pro t or loss from foreign exchange exposures and incorporates effects of qualifying forward exchange contracts that hedge this risk. 2023 ZAR’000 2022 Represented* ZAR’000 Net loss from foreign exchange translation and fair value adjustments on derivative nancial instruments On translation of assets and liabilities (758) (51) On translation of transponder leases(1) (1 650) 92 Losses on translation of forward exchange contracts(2) (1 240) (1 692) Gains on translation of forward exchange contracts(2) 2 011 1 376 Net foreign exchange translation losses (1 637) (275) * Comparative gures previously reported have been amended to re ect continuing operations prevailing for the year ended 31 March 2022. (1) Movement relates to the depreciation of the ZAR at reporting date to ZAR17.79 (FY22: ZAR14.61). (2) The movement relates primarily to the rand depreciation against the US dollar from a closing rate of ZAR14.61 in FY22 to ZAR17.79 in FY23, a lower overall notional value of hedging contracts and an improvement in the achieved average hedge rate. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 74
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