SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITYfor the year ended 31 March 2022
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| Share capital ZAR’m |
Other reserves1 ZAR’m |
Retained earnings ZAR’m |
Non- controlling interests ZAR’m |
Total equity ZAR’m |
|
| Balance at 1 April 2020 | 454 | (13 048) | 25 316 | (2 917) | 9 805 |
| Profit for the year | – | – | 2 161 | 1 916 | 4 077 |
| Other comprehensive income | – | 120 | – | 183 | 303 |
| Total comprehensive income for the year | – | 120 | 2 161 | 2 099 | 4 380 |
| Hedging reserve basis adjustment2 | – | (590) | – | (175) | (765) |
| Share-based compensation movement | – | – | 391 | – | 391 |
| Purchase of shares for group share schemes3 | – | – | (152) | – | (152) |
| Other share-based compensation movements4 | – | – | (245) | 2 | (243) |
| Transactions with non-controlling interests5 | – | – | 430 | (430) | – |
| Dividends declared6,10 | – | – | (2 411) | (1 491) | (3 902) |
| Balance at 1 April 2021 | 454 | (13 518) | 25 490 | (2 912) | 9 514 |
|---|---|---|---|---|---|
| Profit for the year | – | – | 1 358 | 1 526 | 2 884 |
| Other comprehensive loss | – | (810) | – | (3) | (813) |
| Total comprehensive income for the year | – | (810) | 1 358 | 1 523 | 2 071 |
| Treasury shares acquired7 | – | (308) | – | – | (308) |
| Treasury shares disposed8 | – | 152 | (152) | – | – |
| Hedging reserve basis adjustment2 | – | 309 | – | 93 | 402 |
| Share-based compensation movement | – | – | 420 | – | 420 |
| Purchase of shares for group share schemes3 | – | – | (87) | – | (87) |
| Transactions with noncontrolling interests9 | – | – | 62 | (74) | (12) |
| Dividends declared6,10 | – | – | (2 418) | (1 506) | (3 924) |
| Balance at 31 March 2022 | 454 | (14 175) | 24 673 | (2 876) | 8 076 |
| 1 | Other reserves include treasury shares, the hedging reserve, fair value reserve and foreign currency translation reserve. |
| 2 | Relates to the basis adjustment (net of tax gains of ZAR93m (FY21: ZAR208m tax losses) on other reserves and tax gains of ZAR28m (FY21: ZAR63m tax losses) on non-controlling interests) on programme and film right assets as content comes into licence. |
| 3 | Primarily relates to the settlement of share-based compensation benefits. |
| 4 | Primarily relates to the closure of the MCA 2008 SAR scheme during FY21. |
| 5 | Relates primarily to two transactions in FY21. One whereby MultiChoice Africa Holdings B.V. transferred assets held in GOtv Zambia Proprietary Limited (51% owned by the group) to GOtv Broadcasting Zambia (25% owned by the group) at an amount equal to the fair value of the assets transferred. The fair value of the net assets transferred was ZAR179m. There was no carrying value related to the non-controlling interest in GOtv Broadcasting Zambia prior to this transaction. No cash consideration was paid. The second was a dilution of MultiChoice Africa Holdings B.V’s interest in GOtv Kenya Limited from 100% to 70% due to local shareholding requirements. There was no carrying value related to the non- controlling interest in GOtv Kenya Limited prior to this transaction. No cash consideration was received. |
| 6 | Non-controlling interests dividends relate primarily to dividends paid to PN. |
| 7 | The group acquired a further 2.5m treasury shares at an average price of ZAR121 per share to fund future RSU share awards. As at 31 March 2022, the group holds 17.0m treasury shares at an average value of ZAR108 per share. |
| 8 | During the current year treasury shares were utilised to settle the group’s share-based compensation benefits. |
| 9 | Relates to two transactions, the first relating to a dilution of MultiChoice Africa Holdings. B.V.’s interest in GOtv Uganda Limited from 100% to 85% due to local shareholding requirements. GOtv Uganda Limited had a negative net asset value of ZAR598m and there was no carrying value related to the non-controlling interest in GOtv Uganda Limited prior to this transaction. No cash consideration was received. This transaction resulted in an increase of ZAR90m in retained earnings and a decrease of ZAR90m in non-controlling interest. The second related to the group acquiring the remaining 49% interest in SuperSport Schools in March 2022. SuperSport Schools is now 100% owned by the group. The carrying value of the non-controlling interest prior to this transaction was negative ZAR15.7m. Cash consideration paid amounted to ZAR8.75m with a further ZAR3.75m payable during FY23 based on the achievement of service conditions attached to the transaction. This transaction resulted in a decrease of ZAR28m in retained earnings and a increase of ZAR16m in non-controlling interest. |
| 10 | Dividends declared exclude dividends related to treasury shares held by the group. The group declared a gross dividend of 565 SA cents per listed ordinary share in FY21 (FY20: 565 SA cents). |